zerohedge.com / by Tyler Durden / Mar 1, 2017
While most of America, even highly polarized democrats, was by and far satisfied – and in the case of Trump’s fervent fans, delighted – by Trump’s first address to Congress as confirmed by a CNN snap poll shortly after the speech, some were outright disappointed. Chief among them were Wall Street traders who had expected Trump to provide more details about his economic policies and some insight into how he plans on achieving his lofty goals.
One such critic was Mark Cudmore, a former FX trader who writes for Bloomberg, and who wrote a note overnight titled “Still No Details as Trump Makes America Wait Again.” Cudmore’s point is that while the market may be surging this morning on a sugar high combination of the Trump’s “presidential-sounding” address, the recent hawkish deluge by some prominent FOMC doves chief among them Bill Dudley, he believes this will not sustain as eventually the market will be forced to ask the tough questions: how does Trump get from point A to point B.
Here is his full note:
The longer the market has to process Trump’s speech, the less impressed it’ll be. It was rhetoric packed with hopes and dreams, but light on details and concrete plans.
Sadly, it feels like this outcome was all too predictable. Although, the possibility that he could have surprised us all means that the market has not yet fully priced in today’s disappointment.
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