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zerohedge.com / by Tyler Durden / Mar 24, 2017 5:32 PM
Following today’s Republican fiasco, where the GOP was unable to gather enough votes to even repeal Obamacare in the House (let alone the Senate) forcing the Republican party to withdraw their healthcare bill, stocks suddenly spiked – if only briefly – on expectations today’s bad news is actually good news for Trump’s tax reform. As we explained moments ago, that will unlikely be the case far various reasons. But what do others think?
Below, courtesy of Reuters, is a breakdown of select sellside analyst reactions to today’s events:
DANIEL MORGAN, SENIOR PORTFOLIO MANAGER, SYNOVUS TRUST COMPANY, ATLANTA, GEORGIA:
“There’s a bit of a relief rally. There were worries going into it… but it’s a mixed bag.
“It does now open the door for maybe they table the whole thing and just move on, and I would think the next thing on the docket would have to be tax reform. The market, to me, is more interested in tax reform than it is in changing Obamacare.
PETER JANKOVSKIS, CO-CHIEF INVESTMENT OFFICER, OAKBROOK INVESTMENTS LLC, LISLE, ILLINOIS:
“The market is relieved it’s not going to go down to a defeat, and it’s hopeful they’ll come to some sort of agreement over the weekend. The market is hoping for an agreement as a stepping stone to additional agreements.”
“News report suggested that the likely outcome was they were going to lose. I would think the expectations are that they’re pulling it so they can work on it.”
The post Wall Street Explains What Today’s Failure To Repeal Obamacare Means For Markets appeared first on Silver For The People.