Congress

As previously noted, while some traders on Wall Street were disappointed by the lack of specifics in Trump's speech, many others - and certainly Trump's group of core, faithful supporters - praised his "milder", more conciliatory tone, in a speech that was among his most "presidential" public addresses to date.

Below, courtesy of The Hill, are five of the key takeaways political pundits were left from Trump's address to Congress.

Trump’s speech was conventional, a relief to the GOP

Just under 70 minutes, 4,825 words, and the message was clear - the speech was about "will" and "Americans"

Additionally "Obamacare" was mentioned 5 times, "Historic" was mentioned 3 times, and "massive" twice.

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I am here tonight to deliver a message of unity and strength, and it is a message deeply delivered from my heart. #JointAddress

— President Trump (@POTUS) March 1, 2017

While the full Trump speech transcript is below, for those curious only in the key economic/trade excerpt, it is laid out below:

My economic team is developing historic tax reform that will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone. At the same time, we will provide massive tax relief for the middle class. We must create a level playing field for American companies and workers.

 

"It's T-Day" as one trader put it this morning. President Trump will address a joint session of Congress tonight for the first time as president in a much anticipated speech in which he will tell lawmakers the “time for small thinking is over,” and “the time for trivial fights is behind us,” as he lays out his policy agenda.

The Guardian reports that in a contrast to Trump’s gloomy inauguration day “American carnage” speech, the mood this evening is expected to be lighter.

T-day has arrived for markets, says Bloomberg's (and former FX trader) Mark Cudmore,  warning that Trump’s speech to Congress will probably terminate the last vestiges of market hope for early inflationary action from the new administration.

It’s not a done deal though. He could still surprise positively. It seems improbable given his track record, but it’s the possibility that’s kept this moment in focus as being so critical.