On August 14, US President Trump made a statement on the Charlottesville incident, publicly condemning racism, white supremacists, neo-Nazism and the KKK. Then, seven business leaders announced their withdrawal from the manufacturing committee. On August 16, Trump announced the dissolution of the two major economic advisory committees of the Manufacturing Council and the Strategy and Policy Forum.
Here are the views expressed by various agencies on Trump's behavior:
One: Jack Ablin, Chief Investment Officer, Private Banking, BMO PRIVATE BANK:
CEOs must be highly aware of what the outside world thinks about themselves. The current view is that the longer they serve on the committee, the more likely they are to be consistent with Trump's views.
This actually reflects the fact that they believe that the possibility of implementing a tax reform is low enough that the negative impact of their departure from the committee may be very small. Investors have now largely excluded tax reforms.
Second: Hugh Anderson, Managing Director of Hightower Advisors:
This is really elusive. The fundamentals of the US economy seem to maintain its own influence and support the trend of US stocks. After the US stock market experienced a decline last week, the strength of its rebound will be determined by the news or the willingness of investors.
Of course, there has been overwhelming news in recent days. This does not help the reform agenda that the US government is trying to launch. The news is now being broadcast uninterrupted, but it certainly cannot arouse confidence in the US government's reform agenda.
Three: John Doyle, Marketing Director of TEMPUS CONSULTING:
The incident raised such a question: Does the Trump administration have the ability to achieve certain results in infrastructure and tax reform? This is another evidence that the US government is facing more and more problems.
Four: Brian Battle, head of trading at Peformance Trust Capital Partners in the United States:
It has been a few days since business leaders resigned from the committee. But for me, Trump did not dissolve the committee for this reason. Dissolving the CEO's committee will not diminish the president's ability to speculate on CEOs' ideas.
Battle also pointed out: "There is tension inside the Fed. Chairman Yellen said that there is inflation in the US economy. But we can't see this situation now because temporary factors suppress inflation.
The minutes of the Fed meeting want to reflect whether the consensus reached by the committee is true. We must look at the minutes of the Fed meeting to see if there is inflation and whether they have begun to evade this issue.
Five: Andrew Frankel, co-president of Stuart Frankel & Co, USA:
The market will definitely pay attention to Trump's actions and industry aggression. Every day I trade, it seems that the broadcast is against or denying the content of Washington action.
Six: Steven Chiavarone, portfolio manager at Federated Investors:
The market rebound was driven by earnings and has nothing to do with Washington. This is why the market is as patient as ever. The question now is whether these conditions will have an impact on stock market returns. As far as the market itself is concerned, it is certainly not desirable.
The US Congress does not want to be ruined before the mid-term elections in 2018. Therefore, there is still an opportunity for fiscal reform. However, whether we discuss policy issues is now a fair issue.
As an American, you can have a variety of feelings about what President Trump said or didn't say. However, as a market participant, we are not at the tip of the horn. Republican lawmakers in Congress are actively talking about impeaching Trump, and if you can observe this, your ideas will change. This situation has not really happened yet, but it may still happen.
Seven: David Schiegoleit, Managing Director, Private Client Investment, Bank of America:
The direction of the market seems to be in line with the situation in Washington. It seems that the CEOs have left the committee, and the White House is trying to control the damage caused by this incident. This is somewhat questionable whether President Trump has the ability to implement the policies he has promised.
Eight: Walter Todd, chief investment officer of Greenwood Capital Associates, USA:
I didn't see any other news and could explain what we saw. It is undeniable that in the last 24 to 48 hours, the US policy risk has increased.
You have tax reforms, and we need to pass the budget plan and raise the debt ceiling in the next 45 days or so. This is already a very difficult environment for completing tasks, especially now.
This will cause some interference in the pursuit of meaningful legislation and in helping the economy.
Nine: Mary Ann Hurley, vice president of fixed income trading at DADavidson:
Everything is due to a series of turmoil in the White House. The manufacturing committee is disbanded, or everyone resigns, depending on what you want to believe.
US Vice President Burns ended his earlier overseas visit and returned home smoothly. The White House seems to be in a state of chaos, and Trump is losing support from the left and right of the Republican and Democratic parties. Even in its core area, the business community has chosen to give up. This of course raises the question of whether Trump has the ability to achieve some success in this term unless he takes action to correct the direction of the US government. â€
X: Art Hogan, chief market strategist at Wallerick Securities:
The CEO of the company alienated President Trump will not have an impact on the economy, but Congress will alienate Trump. We should link this situation to the difficulty of passing legislation.
The poor communication of the US government has caused the United States to fall into a constitutional crisis. At least from now on, the US government has not been effective in formulating legislation to stimulate economic development. However, in this case, the US stock market has risen, I am very surprised. â€
We will not have an irritating policy. President Trump continued to be alienated from his Republican party, and the pro-business legislation was approved by Trump.
Eleven: Blake Gwinn, US interest rate strategist at Natwest Markets:
Trump was elected president of the United States, in part because of his friendly attitude towards business. This situation seems to be changing now. Dissolving the business community does not mean that Trump is no longer friendly to business, but the market interprets the situation as Trump's unfriendly action on business.
Twelve: Kathy Lien, Managing Director of BK Asset Management, New York:
It now appears that the dollar's decline coincides with when Trump announced the dissolution of the committee. This once again hit the US government, affecting market sentiment and causing investors to sell dollars, because it is difficult for the dollar to expand its gains before the FOMC meeting. The point in time also seems to imply that this is the main driver.
Thirteen: Chris Zaccarelli, Chief Investment Officer, Cornerstone Financial Partners, North Carolina:
People reacted to the headlines that broke out in Washington. As the scandal continues to blow up in Washington, investors’ confidence in it is also weakening.
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