Big Day Ahead for Executive Orders

Markets bracing for an executive order onslaught after today’s inauguration

Highlights

• Markets bracing for an executive order onslaught after today’s inauguration

• Futures pricing +100 basis points above the Fed’s neutral estimate by end-2025 (opportunity?)

• Canada is not well-positioned for a full-blown trade war with the U.S.

• Three reasons there is a false glow to U.S. growth momentum

Key Takeaways

Futures Gain Ahead of Trump Inauguration

• Cash equity markets are closed for MLK day, but U.S. futures are squarely in the green ahead of President Trump’s inauguration and his expected onslaught of 100+ executive orders (other asset classes have been tame overnight, but more volatility is a safe bet).