Most economists think the US expansion is going to continue in coming years with growth above potential and see few risks near term.
Most expect the Republicans to deliver a deficit-financed tax cut (most realistically in Q1 18), as they are afraid of the mid-term election in November next year. However, the final version is likely to be watered down (in terms of how big cuts they can make), as there is opposition to the tax revenue raises (like removing tax deductions). Growth impact is expected to be small both in the short and long run so it should not mean a lot in terms of Fed policy. This also limits how much it should push up US yields.
Economists - including at the rating agencies - do not seem to be concerned about increasing public debt despite US public finances being unsustainable to begin with already under current law. One reason is that interest payments in percent of GDP are low due to low rates.
Jerome Powell was the safe choice for the next Fed Chair and will continue the current monetary policy strategy but will rely more heavily on staff compared to Yellen or Bernanke. Do not expect any controversial nominations for the vacant Fed seats.
Low probability of a trade war with China. NAFTA is a 'joker' (not least with elections in Mexico next year), which may disrupt US supply chains but analysts expect the US to remain in NAFTA.
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