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DC is bogged down with healthcare reform. No political capital for tax cuts at this time.
With this being the case, then there is little that can move the markets til Thursday 3/23. That is the date of Janet Yellen's next public speech.
Once again investors will be looking for clues about the dot plot for rates. Sticking with 3 hikes this year or angling for more?
Then on Friday we get Durable Goods and PMI Composite Flash report. Yet honestly, neither is really a major market mover. So I suspect stocks continue trading in a narrow range under 2400 until we have more concrete tax cut and infrastructure spending plans from DC.
That is the short term picture set inside a long term bull market where we have still not yet seen the highs in 2017.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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The Fed has raised rates.
