In his much anticipated address to Congress that was widely described as "presidential" avoiding attacks on the media and Democrat opponents, even if once again thin on detail, President Donald Trump reaffirmed his pledge on infrastructure, defense spending and tax overhaul, in broad brush strokes, and judging by the surging futures and US Dollar this morning, investors are giving him the benefit of the doubt for now.
Among the more notable economic highlight, Trump flagged plans for $1 trillion in infrastructure investment, and repeated earlier comments on trade and corporate tax reform without giving details.
After the speech, the dollar extended gains as investors refocus on comments by Fed officials, which have spurred market expectations for a possible interest rate increase as soon as this month with March rate hike odds soaring yesterday.
Before we breakdown Wall Street's take of Trump's speech, here is a list of the 12 key things that mattered in Trump's speech courtesy of Axios:
A rundown of what to note from Trump's first address to a joint session of Congress.
- Tone: The speech was, by some distance, his most "presidential" since running for the office. He was totally on message, controlled, uncaffeinated, un-Trumpian.
- Breaking the ice: Trump began his speech with riffs on Black History, civil rights, and a condemnation of anti-Semitic violence. He received standing ovations.
- Head fake on immigration: As we reported, there was no way Trump was going to have a conversion to Jeb Bush-style immigration reform. He spent much of the speech highlighting the crimes committed by immigrants in the country illegally, and he gave no concessions on immigration. Read more