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

Too many cooks are stirring the broth in the White House, Asia Unhedged hears, and each of them is listening to a different set of constituencies.

Rumors last month of a sudden departure by White House strategist Steve Bannon turned out to be false, but different parts of the West Wing are working at cross purposes. There is no clear path to a detailed White House proposal, much less to passage in the House and Senate.

Congress will be occupied with reconciling the Senate’s version of Obamacare repeal, and it seems extremely unlikely that a tax bill will come under consideration before the August recess. That means Congress will start work on the tax bill in September, and it is unlikely that anything will get through Congress until sometime in 2018.

With the US stock market priced to perfection, there isn’t a lot of reason to own American stocks for the time being.