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1.Market Observations, 8.Was Sticky

24 Mar 2017 (AFR) – Trumponomics loses its mojo amid Capitol Hill’s turf battles

(24 March 2017, AFR, p29, by Edward Luce)

‘All bull markets die. The question with President Donald Trump’s boom is whether it is heading for an early grave. Tuesday’s sharp sell-off, the largest daily drop since October, should have come as little surprise. US equity valuations have risen by a tenth since Mr Trump won the US presidential election yet there is little in Washington’s pipeline to merit it. The chances that Mr Trump will pass a big tax cut this year, let alone an infrastructure bill, are slim. Without that stimulus, it will be hard to sustain the sugar high.’

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