Despite a calendar of important economic data this week, the tax reform plan takes center stage as it most likely makes it back to both houses of Congress for a vote – one the market expects to be a “yes,” Prudential’s Chief Market Strategist Quincy Krosby said Monday in her weekly “Connecting the Dots” outlook.
The proposal may reach President Donald Trump’s desk as early as this week, or just after the Christmas holiday.
“There has been much buying on the belief that tax reform will be approved,” Krosby said. “Let’s see if there will be selling on the news.”
Also today, Bitcoin futures began trading on the Chicago Mercantile Exchange.
“We’ll see if traders come in and start thinking they can make money – by not buying Bitcoin, but by shorting Bitcoin,” she said.
There’s a heavy package of data this week, including housing-related data releases; also, earnings reports from FedEx and Nike:
- Monday: Housing market index
- Tuesday: Housing starts
- Wednesday: Existing home sales
- Thursday: GDP (third quarter final estimate); FHFA house price index; Chicago Fed national activity index
- Friday: Durable goods orders; personal income and outlays; new home sales; consumer sentiment
Read Quincy Krosby’s full Q1 Market Commentary: Turning the Page.
The views and opinions are those of the author at the time of publication and are subject to change at any time due to market or economic conditions. This is solely for informational purposes. This is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.