The controversial Tax Cuts and Jobs Act continues to dominate investor attention entering 2018. Love it or loath it, anticipation of its passage helped drive exceptional returns across risk assets. Moreover, it will almost certainly increase growth, profits, spending, and investment in the near-term. Because the markets have largely priced in its benefits, however, the impact on future returns will be muted. With central banks poised to raise rates and markets priced for perfection, investors should monitor and manage their enthusiasm.