Investors Sour on Fiscal Stimulus as U.S. Tax Cut Nears

BMO's Belski Sees No Consistent Growth Until 2019

As U.S. President Donald Trump plans to offer what he calls a "Christmas gift" to American workers and businesses in the form of a tax overhaul bill, global investors are more ambivalent.

Fund managers surveyed by Bank of America Merrill Lynch in December are evenly split on the need for stimulus -- after a string of years in which fiscal policy was deemed to be too restrictive.

Bank of America Merrill Lynch

The "yield curve reaches flattest levels" since the financial crisis "as net 0 percent investors say they don’t need fiscal stimulus, the highest since 2011," writes chief investment strategist Michael Hartnett.

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