Waverton's Palmer: Why US market could be taking one step further in bubble direction

Failed to repeal Obamacare

The Trump Trade saw the S&P 500 return almost 13% from his election to the beginning of March. The Trump Slump then saw the index 'collapse' more than 2% to 27 March.

That now seems to be no more than a momentary Trump Dump as the index has already regained half of that. The cause of the retreat was pinned on the failure of the new President to get his repeal-and-replace of Obamacare passed. The rationale is that if he could not get rid of Barack Obama's signature law - that all Republicans from the red-blooded to the lily-livered hated - then the chances of getting tax reform through were limited, especially when facing formidable resistance from the Tea Party.   How five big US equity funds could fare in a rising inflation and rates environmen...