July 12, 2017//Boston, MA – In contrast to ambitious campaign agendas and the prospect of productive single-party control following the 2016 U.S. elections, political news in 2017 has largely brought delays and uncertainty. Amid the unusually slow appointment of cabinet members, the ongoing investigation of Russian election involvement, intra-party debates over healthcare reform, the Republican Party’s failure, as yet, to pass the American Health Care Act, and a lack of substantive progress towards any other legislative measures, the stock market’s optimistic expectation for that economically-stimulating tax reform has begun to wane. House Republicans are now working on a revenue-neutral tax plan. This will eliminate the broad tax cuts investors had widely expected, further reducing the likelihood of meaningful fiscal stimulus. Investors thus face not only the usual uncertainty of the markets, but a rising concern about the capability of the U.S. political system to support economic growth.