The First 100 Days
The_First_100_Days_US-Canada_version
The_First_100_Days_US-Canada_version
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1/4/2017<br />
16. Resurgent US Treasury<br />
DXY Index<br />
104<br />
102<br />
<strong>100</strong><br />
98<br />
96<br />
94<br />
92<br />
US Dollar Strength<br />
10 Priorities in an<br />
Ambitious US Treasury Agenda<br />
1. Expansionary fiscal policy to turbo-charge growth<br />
2. Largest tax cuts and reforms since Reagan<br />
3. $1 trillion of infrastructure spending<br />
4. Strong US Dollar policy<br />
5. Trade policy & FX manipulator status (China)<br />
6. Extending the tenor of US debt maturities<br />
7. Relaxation of onerous Dodd-Frank regulations<br />
90<br />
88<br />
Pre-<br />
Brexit<br />
(-5.2%)<br />
Post-<br />
Brexit<br />
+4.6%<br />
Post-<br />
US Election<br />
+4.4%<br />
8. Mortgage finance reform (privatize Fannie / Freddie)<br />
9. Revisiting Treasury-led sanction regimes (Russia,<br />
Iran)<br />
86<br />
Jan-2016 Jun-2016 Dec-2016<br />
10. Federal Reserve and other regulatory nominations<br />
You May Not Know: <strong>The</strong> US Treasury Secretary heads a department of over 86,000 employees and a $14 billion annual budget.<br />
While Mnuchin will need to prioritize items on his ambitious agenda, we do expect him to play a stronger role in the White House<br />
than his predecessor, Jack Lew. While comprehensive tax reform is a top priority (notably, the IRS sits within Treasury), it should<br />
be noted that tax laws are set by the US Congress.<br />
Deutsche Bank<br />
Source: Bloomberg. Data as of Dec 31, 2016.<br />
35
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