The US business cycle expansion is still intact, owing much more to underlying fundamentals such as private sector deleveraging, the recovery of the banks, improved consumer finances, low inflation, and continuing low interest rates than any impact from the ascension of Mr. Trump to the presidency.
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The Trump “reflation trade” is being undermined by the failure of the new administration to implement planned legislation, specifically the Affordable Care Act (the ACA, also known as Obamacare), corporate and personal tax cuts and the border adjustment tax.