--- title: Federated Investors 2017 Outlook description: Federated Investors share expectations for the Trump administration, stocks and the US economy in 2017 and discuss fiscal stimulus vs. structural reform. image: http://www.wrapmanager.com/hubfs/MM_Logo_Images/Federated-Investors-Market-Commentary.png --- [![Assembly Wealth](https://www.letsassemble.com/hs-fs/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png?width=300&height=70&name=Assembly-Wealth-Logo-Orange-500px.png "Assembly Wealth")](https://www.letsassemble.com/) The Money Manager People TM [800-541-7774](tel:+18005417774) [![RESEARCH MONEY MANAGERS](https://no-cache.hubspot.com/cta/default/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5) [![Client Center](https://no-cache.hubspot.com/cta/default/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2) [Home](https://www.letsassemble.com/) WrapManager's Wealth Management Blog When life changes, we can help you thoughtfully respond. [< Back to read another post](https://www.letsassemble.com/wealth-management-blog) # Federated Investors 2017 Outlook Posted by [ WrapManager's Investment Policy Committee](https://www.letsassemble.com/wealth-management-blog/author/wrapmanagers-investment-policy-committee) January 9, 2017 - [Tweet](https://twitter.com/share) [![Federated Investors Stock Market Commentary](http://www.wrapmanager.com/hubfs/MM_Logo_Images/Federated-Investors-Market-Commentary.png "Federated Investors Stock Market Commentary")](http://www.wrapmanager.com/hubfs/MM_Commentary_PDFs/Federated-Investors-2017-outlook.pdf)Stephen Auth, CFA and Chief Investment Officer, Equities, shares his expectations for 2017 including: - The effect of the Trump administration and Republican Congress - Fiscal stimulus vs. structural reform - A new phase for the bull market - "Climbing the Wall of Hope" through 2018. A selection is provided below, or you can [download the complete commentary](http://www.wrapmanager.com/hubfs/MM_Commentary_PDFs/Federated-Investors-2017-outlook.pdf) as a PDF. ### ** "Climbing the Wall of Hope"** Since Nov. 8, something has palpably changed about the psychology of this market, and of corporate America. Collectively, investors seem to have dropped their worry beads and shifted instead to dreaming, hoping about a brighter future under the new administration. Tax cuts leaving more money in the hands of the private economy. Deregulation cutting the cost of doing business. Infrastructure spending improving economic efficiency. And most importantly, “tone at the top” encouraging the private sector to grow, take risks, to make money, to create jobs, to be capitalists. Indeed, capitalism is suddenly fashionable again. For markets, what makes a wall of hope powerful is that it gives investors the patience to see their way through the inevitable speed bumps that will come. I don’t think that traditional political analysts (most of whom got the election wrong, by the way) get this. Trump’s corporate tax bill, for instance, is likely to flounder for some period of time in Congress, as the usual haggling starts about which tax exemptions get eliminated in return for a simpler code. But maybe the market won’t overreact to this delay this time, hoping instead that Trump the deal-doer will figure out a way to cajole, embarrass and/or reward stray congressmen into passing his bill. We remain confident that a new phase of the great secular bull market has begun, one guided by hope, not worry. In this phase, we expect nominal GDP growth to accelerate by almost 2 percentage points to 5.5% by 2018, with earnings growth to follow. [Download Federated Investors' complete commentary](http://www.wrapmanager.com/hubfs/MM_Commentary_PDFs/Federated-Investors-2017-outlook.pdf) as a PDF. Or, review [BlackRock's 2017 Investing Outlook](http://www.wrapmanager.com/wealth-management-blog/blackrock-2017-investing-outlook). To learn more about Federated Investors and other [Money Managers](https://www.wrapmanager.com/money-manager-research), give us a call at 1-800-541-7774 or [contact us here](https://www.wrapmanager.com/contact) to speak with one of WrapManager's Wealth Managers. 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