The Stealth Trump Tax Cut

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The markets are not waiting to see the whites of pro-growth economic policy’s eyes; it once again is hitting new record highs. The markets are discounting mechanism anticipating change, but a few things are crystal clear now. First, the likelihood of President Trump “raising” taxes is nil; the likelihood of increasing meaningful regulation is nil; the likelihood of pro-growth economic policies eventually getting enacted is high. These probabilities are “stealthily” making their way into market pricing, as in higher. Also, the global economy is growing led by the positive surprises in Europe, and additionally China, with its strong June quarter of 6.9% GDP growth rate. It is showing up on rising commodities in industrial metals such as copper and crude oil, also in accelerating earnings growth in the S&P 500. Please see the Voya Global Perspectives™ Midyear Update.

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