Byron Wien made an appearance on CNBC today (03.22.17) and his remarks centered around the political spectrum in Washington, D.C. There is plenty on the table for President Trump and Congress to chew on.
Mr. Wien said markets are overvalued. The Congress’ failure to act on tax reform will bring a market correction. Stocks are on target to have their worst month since January 2016.
He noted that even a 50% success rate for President Trump’s economic policies would be a success. The economy is a priority. The budget blueprint President Trump delivered shows that the president is efficient. The budget deficit has to be monitored and if it can be brought down to less than 3% of GDP, that would not be a disappointment.
Mr. Wien remarked that President Trump and Congress should have made tax reform the number one issue on the legislative agenda rather than healthcare reform. If the House fails to pass the current legislation about health care, that could be a spark for the stock market to go lower.
The markets have used the Trump agenda as a measure.
Nothing’s changed. The market thought Trump’s programs would have gone through without much effort.