Eyes fixed on Trump’s speech

Wall Street wants details about tax, infrastructure plans

On economic matters, it’s show- me time for President Trump.

The “Trump rally,” which has been powered by the president’s promises to jump- start U. S. economic growth, has produced $ 2.9 trillion in paper gains for the domestic stock market since Election Day, according to Wilshire Associates. That’s a sizable sum that ups the ante for Trump’s key speech to Congress on Tuesday night.

While it’s not an official State of the Union address, it is being billed byWall Street as the most important speech — at least for markets — since Trump took office.

Wall Street is hungry for details about proposals to trim Corporate America’s tax bill, his thoughts on taxes related to trade as well as plans to boost growth by spending U. S. money to hire Americans to fix the nation’s roads, bridges and other infrastructure.

Here are key things money managers will be watching:

Tax talk. Will the president deliver on his call for a “phenomenal” reform package?

Wall Street also will look to see if Trump gets behind the House Republican plan to tax American companies that import goods back to the U. S. but exempt exports — a so- called border adjustment tax. The president has criticized it as being “too complicated.”

“Wall Street is still awaiting a tax plan,” says Michael Baele, portfolio manager at U. S. Bank Wealth Management. uRegulation roadmap. Wall Street wants more details about Trump’s plans to deregulate businesses, especially in banking and energy. “Investors would like some more information,” Baele says. uPrescription for health care. What’s the plan for the “repeal and replacement of Obamacare?” Dana Peterson of Citigroup wondered. Is there a quick solution?