Hard To Reconcile

(1) Easy to believe Trump reviving animal spirits in US. (2) Hard to imagine he is doing that overseas. (3) The recovery from the Energy recession explains some of the recent global upturn. (4) China still addicted to credit, which soared $2.7 trillion over past 12 months through January. (5) Flash PMIs are flashing green. (6) Retail sales strong in Europe. (7) Two-step: Reconcile Trump-Cohen and Ryan-Brady bills then get merged one fast-tracked through Congress with reconciliation process. (8) A couple of hurdles such as border adjustment tax and R&R of ACA. (9) Bismarck’s sausage warning.