In a foretaste of what might lie ahead, markets in January were largely driven by the policy agenda of the new administration in the US. In his second term, President Trump is evidently in a hurry to make good on campaign promises, perhaps conscious that his powers could be weakened at the midterm elections in two years, when the narrow majority of the Republicans in the House of Representatives risks being over-turned, constraining the President’s freedom to enact policy changes.
