Market Update | June 30, 2017
It has been a very interesting year for the US and Global markets so far. While the politicians and media personalities in Washington are verbally attacking each other on a vicious level, somehow the markets are looking through the rhetoric to find reason to advance.
In many ways the small things that President Trump's cabinet members are achieving is going unreported by the media, but small and large businesses around the world are taking notice and liking what they see.
Deregulation of most every industry is a continuing at a steady pace and this has created a new wave of economic optimism that I have not seen in many years.
While travel bans, immigration, Russian interference and other political “hot potatoes” are center stage, better economic negotiations with other countries are being executed on a daily basis.
Rex Tillerson, the former Exxon Mobil CEO and new Secretary of State, and Wilbur Ross, billionaire investor and new Secretary of Commerce are working hard at negotiations in the best interest of the United States. They are re-negotiating foreign trade agreements that are reducing the deficit and holding our foreign allies accountable for their actions.
They have already added billions of dollars in foreign fines and new orders back in to the United States treasury and have many additional future orders for US goods and services being announced on a weekly basis.
Whatever your opinion of our new President, Donald Trump is, he did convince and hire some of the most successful people he could find to begin working on our behalf. Why they would want to take the cut in pay, the nightmare of media attention and frustration with the President's twitter messages... I do not know.
But if you look at what they are doing behind the scenes, we should all be thanking them. I truly believe that they are working their best to make sure the the United States of America regains its leadership in the world economic cycle.
They are saving us tax dollars, helping U.S. companies to compete on a level playing field internationally and most importantly, creating more good-paying jobs for American workers all over the United States.
Each of us can be thankful as well for the steady positive returns we are seeing on our investment accounts. The first six months of this year have been a lesson in economic expansion. When you allow U.S. businesses to focus on building their business and satisfying their customers instead of worrying about bureaucracy, new regulations and filing government reports, they can actually become more productive, profitable and philanthropic.
This is what I hoped we would see with the change from a political agenda to the business agenda. If our government and elected officials would just try to run the government as if it were their own family budget, a lot of the bickering and harsh rhetoric would disappear.
Now I do not believe we will see that in the near future. But if we as U.S. citizens, tax-payers and voting Americans demand it, I would hope our elected officials would honor our wishes. If they don't, vote them out and replace them with someone who will.
We are monitoring market conditions on a daily basis and if changes are needed, we are prepared to promptly make the necessary modifications. We will be discussing some new economic themes for the second half of the year and may recommend a few upgrades to our portfolios.
I hope you enjoy the warm weather and this great change of seasons that WNY puts on display every year.
If you have any questions or comments or would like to schedule an appointment, please call the office and we will find a convenient time to talk.