Last week investors watched closely about the outcome of the American Health Care Act in the House of Representatives which was yanked at the last minute on Friday by House Speaker Paul Ryan and never made it to the House floor for a vote because it lacked the necessary political support in the House to replace Obamacare.
This coming week, the Trump administration is expected to pivot away from failed Republican healthcare legislation and address the President’s agenda which includes addressing a variety of fiscal issues such as the debt ceiling limit, the amount set by Congress the U.S. Treasury can borrow, U.S. military spending, constructing a border wall along the U.S. southern border, and making corporate tax cuts alongside tax reform.
President Trump’s budget proposal includes $54 billion for military spending, $10 billion for the construction of a border wall, a smaller figure than other estimates, and reduce the corporate tax rate from 35 percent to 15 percent which is lower than the House’s 20 percent target.
President Trump will need to reach across the aisle and achieve bipartisan support to accomplish the majority of his domestic agenda.
Democrats in the House and Senate are likely to oppose several of his agenda items.
President Trump is proposing to make cutbacks with government spending in areas such as the EPA, State Department, Department of Labor, and the Department of Agriculture.
The Week Ahead; U.S. Economic Calendar
The economic calendar is relatively light this coming week and will center around March consumer confidence on Tuesday, February Pending Home Sales on Wednesday, the 3rd estimate of Q4 U.S. GDP on Thursday, and February PCE Price Index (Inflation reading) on Friday.
Full Economic Calendar
Tuesday- March Consumer Confidence, S&P Case-Shiller Home Price Index (Jan), Adv International Trade in Goods (Feb.), Adv. Wholesale Inventories (Feb.)
Wednesday- Pending Home Sales (Feb.), Crude Inventories, MBA Mortgage Applications Index, MBA Mortgage Index
Thursday- 3rd Est. U.S. Q4 GDP, Initial and Continuing Claims, Natural Gas Inventories
Friday- Chicago PMI (March), Michigan Sentiment-Final (March)
Written and Edited By: