US: Policy unease - ANZ

CEO’s quitting forums, two business councils being disbanded and rumours of White House Economic Advisor Gary Cohn’s possible departure merely act to reinforce that policy uncertainty is not only high, but the whole US policy agenda faces challenges, according to analysts at ANZ.

Key Quotes

“While departure rumours were denied, it’s only natural that markets will question the ability of the likes of pro-growth tax reform to be delivered. Market volatility has been remarkably contained to date given the degree of policy uncertainty, and last night’s price action / lift in volatility is just a case of some catch-up.”