House Speaker Paul Ryan pictured with the president in May after the House successfully passed healthcare legislation: AFP/Cheriss May

Citibank analyst Tina Fordham and Dana Peterson on Trump’s political problems:

“our Base Case is that investors should be prepared for continued headline risks and delays in Trump’s policy agenda, with some policies ultimately de-railed: We have previously cautioned that the failure in the first instance to pass ACHA legislation (healthcare reform) and the distractions caused by the ongoing allegations of Russian interference in the US elections were likely to result in delays to aspects of President Trump’s policy agenda, a call which we maintain.

“Efforts to reform healthcare are likely to resume in earnest this summer, and passage would boost Republican Party morale as well as investor sentiment, especially given the potential savings to be applied toward tax cuts. Progress on deregulation remains a bright spot in the administration’s efforts to date, with another key policy objective of NAFTA re-negotiation expected to be triggered soon”

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