The honeymoon is fading
The S&P 500 closed just shy of an all-time high but Goldman Sachs is beginning to question the Trump administration.
"Risks are less positively tilted than they appeared shortly after the election ," Goldman Sachs economists wrote on Friday. "While bipartisan cooperation looked possible on some issues following the election, the political environment appears to be as polarized as ever, suggesting that issues that require bipartisan support may be difficult to address."
Goldman is increasingly concerned that broad-based tax reform is less likely with risks from the right and left.
