Trumpcare is causing Wall Street to question Trump's whole economic agenda
Business Insider
Published Mar 22, 2017 07:02AM ET
Updated Mar 22, 2017 09:32AM ET
A fierce battle over healthcare reform within the Republican Party is causing Wall Street to sharply reassess its optimism about President Donald Trump's economic policy agenda, as evidenced by the sharpest sell-off in stocks this year.
On Tuesday, for the first time since October 11, both the Dow and the S&P 500 would have preferred to start his reform agenda with tax cuts now that he realizes what a behemoth healthcare can be. As CNBC's Carl Quintanilla aptly put it, Trump has made the issue of healthcare sound like "the vegetables you need to eat before you get to the good stuff."
The message for Wall Street's hyperbulls? Simmer down.
"The complexity of the problems clearly suggests [tax cuts] will not come before 2018 at the earliest, and neither will any of the planned increases in spending," Steven Ricchiuto, the chief US economist at Mizuho, said in a research note.
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Written By: Business Insider
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