Trump providing clues ahead of Congress - ANZ

Analysts at ANZ explained that President Trump addressed media a number of times overnight providing a few clues on the key topics to be discussed at tomorrow’s joint session of Congress – among them budget plans.

Key Quotes:

"Those in the market on the ‘reflation trade’ have become frustrated and are eager for concrete details on his budget.

The Whitehouse said it is planning a $54bn increase in defence spending (+10%), which will be offset with significant cuts to foreign aid and reductions in agency spending.

He also said he plans to spend “big on infrastructure,” driving related equities higher today. Later on, after a round table with insurance CEOs, he said that tomorrow we will have some clarity on repealing and replacing of Obamacare."