Analysts at BBH points out that the US House vote on the health care act was delayed until today and will be the most awaited economic event for the day.
Key Quotes
“The scheduled vote Thursday was called off, ostensibly because the Republicans did not have the votes to pass it. The Trump administration made a last minute compromise with House conservatives by removing Obamacare’s requirement that essential benefits be covered by insurers, but it remains to be seen if this was enough. There is no scheduled time for the vote.”
“If today’s vote fails, what comes next? Will President Trump go back and try to compromise to get an eventual passage, or does he move on to other pressing matters? Press reports suggest that he gave lawmakers an ultimatum: vote yes or this will be your last chance to overturn Obamacare. That is, Trump is saying that he will move on to work on tax cuts and the stimulus package.”
“Markets might be happier if President Trump moves on. The lack of focus and attention on tax reform and infrastructure has been one of the factors behind the stalled reflation trade. Yet a failure to overturn Obamacare could also be taken as an initial failure that will make Trump’s agenda harder to achieve.”
“During the North American session, the US reports February durable goods orders and Markit preliminary March PMI. The Fed’s Evans, Bullard, Dudley, and Williams all speak today. Evans and Dudley are voting members of the FOMC this year, while the other two are now.”
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