Flash Report March 2017

Rediscounting of fiscal reform outcomes was the dominant investment theme in March as Republicans failed to bring a healthcare reform bill to the House floor. In response, investors reset growth and inflation expectations, anticipating similar difficulties in passing tax reforms and other pro-growth legislation. Thoughtful investors are weighing these fiscal challenges alongside substantial global liquidity driven by easy monetary policies, elevated valuations for stocks and bonds, and the potential for geopolitical instability.

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