Investor Reactions to Biden’s State of the Union Address 1

Investor Optimism Grows Following Biden’s Positive State of the Union Outlook

SINGAPORE (Reuters) – Following are reactions from analysts and investors to US President Joe Biden’s State of the Union address on Tuesday, in which he called on Republicans to raise the debt ceiling and support tax policies that are friendlier to America’s middle class is.

In his first address to a joint session of Congress since Republicans took control of the House in January, Biden hammered out companies for profiting from the pandemic and went through a wish-list of economic proposals, such as: B. a minimum tax for billionaires, and a quadrupling of the tax on corporate share buybacks.

DAMIEN BOEY, CHIEF MACRO STRATEGIST, BARRENJOEY, SYDNEY

“The key caveat is you have to break that deadlock in the House and Senate.

“That’s especially timely because you’re going to hit the debt ceiling in August. Obviously, Biden wants to make it clear to Republicans that they want to work together. Most people assume this isn’t going to be an easy promise as you get there.”

“There’s also redistribution, where you get the rich to pay more taxes. That won’t help consumption much.

“So Biden’s whole talk is about inflation coming down, but it’s not my problem because it’s here before I got here. But the risk is that if you overstimulate while you have a tight labor market for short-term interest rates, it becomes a problem.

“When the yield curve is still inverted, does this change investment themes? People still arguing hard landing risks, portfolio managers worried that it’s all ebb and flow together? No it does not.”

NAKA MATSUZAWA, CHIEF STRATEGIST, NOMURA, TOKYO

“I expected some more aggressive comments on China. Biden should be more clear on how they will develop the supply chain away from China. Trade with China is currently increasing rather than decreasing. In that sense he was. not hawkish enough.”

(Reporting by Rae Wee, Ankur Banerjee, Kevin Buckland, Stella Qiu; Editing by Lincoln Feast.)

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