US tax reform could be the main market driver until year-end
Last week, we said that “one of the key factors liable to reinforce one assumption or the other (i.e., about the expected trajectory of the American equity market) will be whether or not Trump and Congress agree on a stimulus package”. Last Wednesday, the Big Six, a group of top tax policymakers in the Trump administration including the Treasury Secretary, Trump’s chief economic advisor Gary Cohn, and the leaders of the Senate and the House) published a document appearing to approve a future agreement on this subject, although it is not comprehensive or detailed. We are obviously far from Trump’s election pledges, which were more ambitious in terms of taxation and also proposed additional spending (infrastructures, defence, etc)...
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