Morgan Stanley Asks What If July 9 Does Not Go According To Plan...

By Michael Zezas, Global Head of Fixed Income and Thematic Research at Morgan Stanley

Last week saw the passage of the fiscal bill. Whatever you think of the ultimate impact of the legislation to be enacted (see our key views here and here), some meaningful uncertainty is now resolved within the four policy factors we defined as critical to the outlook across markets this year: fiscal, trade, immigration, and regulation. The particulars and direction of US trade policy, on the other hand, remain in flux.