Wall Street Analysts React To Trump's "Presidential, Low On Details" Address

Tyler Durden's picture

In his much anticipated address to Congress that was widely described as "presidential" avoiding attacks on the media and Democrat opponents, even if once again thin on detail, President Donald Trump reaffirmed his pledge on infrastructure, defense spending and tax overhaul, in broad brush strokes, and judging by the surging futures and US Dollar this morning, investors are giving him the benefit of the doubt for now. 

Among the more notable economic highlight, Trump flagged plans for $1 trillion in infrastructure investment, and repeated earlier comments on trade and corporate tax reform without giving details. After the speech, the dollar extended gains as investors refocus on comments by Fed officials, which have spurred market expectations for a possible interest rate increase as soon as this month with March rate hike odds soaring yesterday.

Before we breakdown Wall Street's take of Trump's speech, here is a list of the 12 key things that mattered in Trump's speech courtesy of Axios:

A rundown of what to note from Trump's first address to a joint session of Congress.

  1. Tone: The speech was, by some distance, his most "presidential" since running for the office. He was totally on message, controlled, uncaffeinated, un-Trumpian.
  2. Breaking the ice: Trump began his speech with riffs on Black History, civil rights, and a condemnation of anti-Semitic violence. He received standing ovations.
  3. Head fake on immigration: As we reported, there was no way Trump was going to have a conversion to Jeb Bush-style immigration reform. He spent much of the speech highlighting the crimes committed by immigrants in the country illegally, and he gave no concessions on immigration
  4. Declined to endorse the border adjustment tax: "We must create a level playing field for American companies and workers. Currently, when we ship products out of America, many other countries make us pay very high tariffs and taxes -- but when foreign companies ship their products into America, we charge them almost nothing."
  5. More detail on healthcare: Trump gave Speaker Paul Ryan a big win by listing some components of the House GOP plan — and, as we forecast, the big one was tax credits. See David Nather's analysis.
  6. Says his budget will increase funding for veterans. A well-received line: "Our veterans have delivered for this Nation –- and now we must deliver for them."
  7. Crucial language on infrastructure: "To launch our national rebuilding, I will be asking the Congress to approve legislation that produces a $1 trillion investment in the infrastructure of the United States — financed through both public and private capital –- creating millions of new jobs." The key phrase — "that produces" — coupled with the mention of private capital — means the Bernie Sanders dream of $1 trillion in new government spending remains a fantasy.
    Sought to tie the African-American experience to nationalism: "We've financed and built one global project after another, but ignored the fates of our children in the inner cities of Chicago, Baltimore, Detroit -- and so many other places throughout our land."
  8. Promises: Listed pledges made and kept. He gave plenty of applause lines for (at least some) Democrats, including withdrawal from the Trans-Pacific Partnership trade deal and his request that "new American pipelines be made with American steel."
  9. "Radical Islamic Terrorism": Trump is still using the phrase, despite the reported disapproval of his new national security advisor.
  10. NATO: Trump made a happy man of Defense Secretary Mattis and the rest of the foreign policy establishment, which has worried about his previous comments that NATO is "obsolete." Tonight, Trump said: "We strongly support NATO, an alliance forged through the bonds of two World Wars that dethroned fascism, and a Cold War that defeated communism. But our partners must meet their financial obligations."
  11. A emotional moment — and the longest applause of the night: "We are blessed to be joined tonight by Carryn Owens, the widow of a U.S. Navy Special Operator, Senior Chief William "Ryan" Owens. Ryan died as he lived: a warrior, and a hero –- battling against terrorism and securing our Nation."

And here are select excerpts from Wall Street analysts giving their first impressions of the Trump address:

TD Securities (Priya Misra)

  • Speech was risk positive and reiterated pro-growth policy
  • Market has given administration benefit of doubt and could continue for a little longer
  • Equities may look “vulnerable” if markets don’t get details and progress on tax reform

Matsui Securities (Tomoichiro Kubota)

  • Drug prices comment negative, though not particularly surprising
  • Investors may switch even more to equities from bonds if Trump’s policies are put into practice

BDO Unibank (Jonathan Ravelas)

  • Speech “very general, disappointing investors looking for specifics”
  • Uncertainty continues as potential reforms are still work in progress
  • U.S. and global markets are in limbo and will stay in consolidation in short term, given lack of reform details
  • Next focus will be Fed

Rivkin Securities (William O’Loughlin)

  • Trump’s speech was “enough to keep the optimism alive”
  • Investors are now “just expecting that sometime in the near future he will give specifics”

Societe Generale (Kyosuke Suzuki, head of FX & money-market sales)

  • Positions largely squared ahead of this event and in absence of any negative comments from Trump, USD is underpinned for now by expectations for a Fed rate hike this month
  • With timeline for tax and budget already known, and markets having little expectations for any details to come out of Trump’s speech, focus is turning to a slew of monetary, budget and currency events in mid-March

Scotiabank (Qi Gao, FX strategist )

  • “Dollar retreated somewhat during Trump’s speech, partly due to profit-taking. His speech hasn’t spurred another wave of Trumpflation trade. He repeated what he said before. We are awaiting Yellen’s speech due at 2am HKT on Saturday.”

National Australia Bank (Julian Wee, senior market strategist)

  • Speech contains little that’s new and “what might be more pertinent for EM Asian FX is the presence of an overt protectionist tone, which would be supportive of USD/Asia”
  • Still, the lack of details on many of his plans and how they will be funded will dominate market sentiment
  • “Chances are this delicate balance between the two factors could remain for the near future given almost no mention has been made of how all this spending will be funded, leading to the USD/Asia remaining relatively directionless”

Mizuho Bank (Vishnu Varathan, economist)

  • Emphasis on immigration, with skew toward skilled immigration, suggests wage pressures will be reinforced
  • “All else being equal, this should be bearish for bonds and bullish for the dollar. Yet the ‘fair trade’ stance could suggest that too much dollar strength will face criticisms so there’s a rather twitchy path for dollar bulls”
  • Dollar upside will be susceptible to spurts of reversals; long dollar bets will be fraught with fears of jawboning and EM currencies could be knocked back for now
  • Cost-reduction emphasis also sets up yields and the dollar for two-way swings

Oanda Corp (Jeffrey Halley)

  • Speech that was high on rhetoric and low on detail has been mostly built into the USD price already and bulls may be slightly disappointed
  • “I would expect a ‘no news is good news response’ in EMFX today with most regionals to stay gently bid against the USD. Key now will be Yellen’s speech Friday and if hawkish, will see the March FOMC meeting unexpectedly ‘live’ ”

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chubbar's picture

Well they couldn't shove their tongues far enough up Obama's ass when it was that "specific" hope and change thingy.

StackShinyStuff's picture

Wall Street reacts:  BUY FUCKING EVERYTHING!!!!!

Arnold's picture

I nodded off during the speech and had the control print keys pressed down

X- x3's picture

I didn't bother to watch. Period.

Trump has been 'captured by the Deep State' & is surrounded by too many traitors.

Hey POTUS T, best you listen to this,

Deep State - Robert David Steele on The Hagmann Report Updated 2/25/17


Published on Feb 25, 2017

Former CIA clandestine services case officer Robert David Steele discusses the attacks against President Donald Trump by the Deep State - the "Shadow Government."

Robert's website: http://robertdavidsteele.com and http://phibetaiota.net


...if you don't, consider yourself & family, dead meat.


ps, even though Steele behaves like a diva, his Electoral Reform is most definitely the only way UsofA will survive.

MFL5591's picture

Low on details?  Really?  How about you go back over the last 8 years and look at accomplishments and stop the games of ridicule?  I thought the speech was wonderful, what a great choice America made.  Any question about this choice, just look at the behavior of the left babies who sat and pouted, was waiting fror Schumer to start crying again!

dude duderson's picture

Oh great ambiguos leader, where is the 1 trillion coming from again? Oh, Public AND Private funds?    Why don't you ask Iceland how the whole "privatizing government" experiment went?  This is shaping up to be the mother of all cluster fucks, nothing left to do but watch Rome burn :/

NewHugh's picture

Wall Street economists want the Obozo economic model.  Fuck up everything so that the Fed lowers interest rates and money is printed nonstop.  History proves that's when the markets perform best.

When a president actually succeeds in economic growth as did Reagan, the Fed excessively cranks up the interest rate until the economy grinds to a standstill.

nevertheless's picture

Whose model, Obama's, YOU MEAN WALL STREET'S...You really think Obama made choices as to what economic policies under "his" administration?

And you think Trump runs things too don't you...

NewHugh's picture

The Labor Force Participation Rate on Obama’s watch has fallen from 65.7 percent to 62.8 percent, a level last measured before Obama in March 1978. Since Obama took office, this metric has slid 4.1 percent.


During the Obama years, the number of Americans below the poverty line is up 3.5 percent.


Real median household income: down 2.3 percent. Americans on Food Stamps — 33 million then, 46 million now: up 39.5 percent. Americans who own homes: down 5.6 percent.


Insurance companies are fleeing Obamacare’s exchanges. Amid $650 million in expected losses this year, UnitedHealth announced that it would medevac itself out of all but “a handful” of its 34 state markets.


The percentage of families in which no one is employed has grown from 17.8 in 2008 to 19.7 in 2015, the Bureau of Labor Statistics reports.


The Clintons acknowledge Obama’s economic wreckage. Americans are suffering “the awful legacy of the last eight years,” Bill Clinton said in March. He explained on April 26, “The problem is, 80 percent of the American people are still living on what they were living on the day before the crash [of 2008]. And about half the American people, after you adjust for inflation, are living on what they were living on the last day I was president, 15 years ago.


Cassandra.Hermes's picture

Trump is all expectations, and market already price them! Can Trump deliver ?

I disagree about resurrecting the coal instead of boosting the future energy of renewables and I disagree with his millitary investment, but otherwise he gave us good promises! 

VinceFostersGhost's picture



resurrecting the coal instead of boosting the future energy of renewables


That fancy crap doesn't work bitch!


Your computer is probably being powered by clean coal as we speak.

indygo55's picture

Have you ever heard of Thorium? There is a reactor called the Liquid Floride Thorium Reactor that is quite possibly THE answer to all of Humanities energy needs to the next 10,000 years. Problem is TPTB can't continue to stripmine us with it. Its so cheap we would all get energy for nearly free.




UnclePhester's picture
UnclePhester (not verified) Cassandra.Hermes Mar 1, 2017 7:04 AM

Cassandra, you myopic, low IQ greenie.






P.S,. I don't expect ignorant cowardly liars (you) to answer honestly.

VinceFostersGhost's picture





I've got shares of Solyndra.......gonna call my broker and see how rich I am now.


We're all going to Taco Bell.......and I'm buying!

tripletail's picture

Like all SOTU speeches, all show and no tell. Back to work, Mr. Trump!

VinceFostersGhost's picture



all show and no tell

Member for 12 weeks 3 days


You must of had the volume off.


Are you in the 30K army?


Do you have news from the Bunker for us?


UnclePhester's picture
UnclePhester (not verified) VinceFostersGhost Mar 1, 2017 7:06 AM

What a stupid, cowardly, non-sensical post, Vince.....


days here mean something ONLY TO STUPID PEOPLE LIKE YOU.

VinceFostersGhost's picture



What a stupid, cowardly, non-sensical post, Vince.....


Thank you.......I hope to be on CNN someday.

nmewn's picture

Elizabeth Warren, reading her lips...

"Don't stand up and applaud! Don't stand up!"


orangegeek's picture

Warren is a small minded, low brow mentality, wretched cunt.

llessur_one's picture

President Trump's speach lasted 9 hours as he went into great detail on his plans to make America great again, the press immediately complained the speach was too long and provided too many details.

Dode415's picture

How many times can mentioning infrastructure spending and yuuuggee tax cuts with no details be priced into the markets ? He might as well not actually do anything except keep mentioning them and we'll be at Dow 50,000 by Xmas - absolutely rediculous

nmewn's picture

The progs need to just keep concentrating on nothing getting done, meanwhile, the highest corporate tax rate in the world has just taken a direct hit in the fuselage and is rolling over going down in flames.

13 deregulatory resolutions under the Congressional Review Act of 1996 have already passed the House, 3 in the Senate (thats why Trump was cold to McConnell after the speech) and 2 signed by Trump and the departments of State & EPA are about to be gutted as we are a little sick & tired of paying people to watch porn all day.

The dismantling of the Obama era was begun a month ago and no one even noticed ;-)

Iconoclast's picture

GDP is falling, the balance of trade defict is increasing, the national debt is out of control. Obama was handed a shit sandwich but managed to make it worse by putting on extra sauce. The USA will continue its absurd world domination through the MIC, continue to ensure trickle up remains the status quo, whilst its poorest and muddled class citizens stay at the back of the queue.

BigFatUglyBubble's picture

I think there is so much credit card, auto, and mortgage debt people don't realize how poor they are... yet. 

"Big, Fat, Ugly Bubble."

Donald J. Trump

nevertheless's picture

The operative word is "yet"...


Iconoclast's picture

Yep, and two weeks back he stated that the USA would stop being the world's policeman, cue an extra 54bn on military spend over the next twelve months because and I paraphrase "we used to be really, really good at winning wars, let's get bsck to winning them."

Perhaps the MIC had a word in his shell like, or he realised that if the MIC stops churning the USA economy falls off a cliff and the real shadow economy (the fourth largest there is) WAR dies a horrible death.

Robert Trip's picture

Who gives a shit what Wall Street analyists say?

Everything that comes out of their mouths is centered around them making a buck and screwing us.

We must release ourselves from tired malfunctioning systems. such as Wall Street.

Those fuckers have had us by the balls for far too long yet millions of people hang on their every word.

It's difficult I know, to admit you've been a sucker but it can be done.

Robert Trip's picture

The Wall Street Shylock's speak.

Hang on their every word and continue to get fucked.

Robert Trip's picture

What's the daily take interest-wise on a $20 trillion debt? And who collects it?

Buy a clue.

VinceFostersGhost's picture



What's the daily take interest-wise on a $20 trillion debt?


Ummm.......a buttload?

indygo55's picture

Yes, I missed the part where he spoke about how he was going to pay for all of the spending, net/net. Oh that's right, there is no way to pay for it. Sorry, how foolish of me to forget that little fact. And the debt ceiling coming up,,,, I suppose he will ask congress to write a new law, another new law that allows the ceiling to be raised yet again. Maybe we will cut two laws to get that one. Makes sense to me (NOT!). And the FED? Oh them? They will be just fine. Don't want to talk about that 8000000 pound gorilla in the living room. And military spending? Let raise that too, because that 800000 pound gorilla in the living room is the most important spending item of them all. Can't cut that. Let's raise it. And ignore the basic logic that if we cut that, what,,, $550 billion dollar spending boondoggle in half, in half, we could fund all cancer research, fix the schools and roads and bridges and make America really great again. But I digress. 

BigFatUglyBubble's picture

Every child born is automatically saddled with 50k in national debt.  Baby Boomers will die off before they pay any of it off so in reality it's a lot moar.  It's sociopathic.  No one seems to notice or care.

orangegeek's picture
Wall Street Analysts React To Trump's "Presidential, Low On Details" Address


It was a Congressional (big picture) speech - details???  Really???


hopey changey - now that's some fine fucking details.


cashtoash's picture

Zero societies  (my take).  Keep feeding people the same old BS. No meaningful change no policy detail needed. Americans have fallen for it for 30 years, they will for 4 more years or until systems crash again

nevertheless's picture

Exactly, specificity equals accountability, Trump's handlers want neither. 


They know how to string Americans along, tell them what they want to hear, always talking a good game. All the while the globalist march continues.


The ONLY question we can answer is how long we buy into the BS. Obama was the last straw for me. Trump's bombastic antics with the press, only make his role as a distractor more obvious.


There is no kink in the chain, they certainly control the media, Hollywood, Wall Street, and DC...Even on the web, many who comment here are paid to do so, meant to give weight to what ever the powers that be desire. "Trump really hit this one out of the park, I think it's about time we started spending money on our dilapidated military"...

nevertheless's picture

I read about how the powers that be have worked very hard to destroy America's faith in religion, evidently so that they would replace faith in God, with faith in politicians. 

I remember it clearly with George Bush, who just said trust him, "he knows things we don't", NO HE DIDN'T...

Certainly the media helped Obama continue our faith based political journey, making every globalist action seem like it was part of the "liberal" platform, even Syria and Russia, draped in the lie of "humanitarianism", BULL SHIT!

Now we have Trump, who is surrounded with more Zionist war mongering, Wall Street filth. When Trump was elected there was a "great sucking sound in New York City, it was all the filth their rushing to Washington DC. Not draining a swamp, but turning it into an ocean.

Every Presidency has it's moment when you know, who really runs the show. When Obama was first elected, his first act was to cow to Joe Lieberman, kiss his ass, and criticize his supporters for being petty, holding a grudge, I knew Obama was owned then, a slave to the Zionist. 

With Trump, it was when he put aside Clinton's illegal treasonous activities, "she has done so much for America", quite a different tune than he was playing during the election. Trump IS a phony, it's only a matter how how long it takes for each of us to realize it. Of course his antics with the media, amounting to nothing, is classic Zionist distraction politics. 

I read where up to 25% of those in comment sections are paid advocates, hasbara, Zionists organizations, think tanks, corporations...So, that at least accounts for 25% of the stupidity on the web. 

marcusfenix's picture

Well after that SOTU address I will say this much.

Trump is settling into his role of TOTUS very nicely indeed. I am reminded once again of the words Douglas Adams worte in his book The Hitchhikers Guide to the Galaxy...

" the office of of the President exists not to wield power, but to draw attention away from it."

This remains just as true today as it ever has been. 

whoisjg's picture

No news on the big announcement - The move to points based immigration rather than chain immigration. Sayonara Mehicanos

see: "Trump Speaks" http://giavellireport.wordpress.com/2017/03/01/trump-speaks-points-based...

gespiri's picture

If all you morons are complaining about the lack of details in the SOTU speech, then it will take more than an hour to do it.  The SOTU is about laying down the achievements, strategy and objectives for the year, period.  The details are communicated once an EO or law is proposed/debated/issued.

Therefore, stop whining and protesting about an administration who's only 1.5 months old.  Where were you the last 8 years beforehand when nothing significant was achieved?

Stan522's picture

The more details Trump puts out prior to any action simply will be used as a crowbar against his supporters. As long as he is heading in the right direction (which looks good to me currently), I can live without details, just to watch the dem/socialist/prog's/communist/anarchist/marxist squirm.....

Farqued Up's picture

This shit is teetering on collapse, Petroleum-$ Reserve Currency stabbed in the heart and bleeding out, and I have to believe Trump has a plan and has NOT sold out. The Fed has committed suicide and the Snowdyke realizes it. Romanians and Italians even know how to kill off evil crooked weasels, it's coming as soon as the sheeple are awake. It's pure genius to pull in outside alt news sources to press conferences.

A clue to things unraveling big time will be WHEN the military starts pulling troops back from foreign countries to fight the domestic enemies. I predict that troops will be pulled back from Korea and Germany when the Gov drug running is killed and the financial collapse is just over the hill.