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June
23
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Week In Review

France

Macron’s party and its allies won a majority in the French parliament’s lower house.  En Marche will be able to enact legislation to implement much of Macron’s agenda including labor market reforms.

Our Take

France has elected a government that is committed to major reforms but without populist influences.  Structural reforms of its economy will allow France to help in resolving the European debt crisis.


Municipals

Illinois lawmakers, along with lawmakers in 14 other states, continue to work on state budgets before the July 1 deadline.  The Illinois Legislature is holding a special session that could run until the end of June.  The Maine Legislature extended its session in hopes of passing an on-time budget.  Connecticut lawmakers continue to work on the 2018 budget as Governor Malloy pushes for pension reforms.  New Jersey and Pennsylvania lawmakers have been unable to compromise on school funding.

Our Take

With only one week to go until the July 1 deadline, the 15 states without a budget in place still have a lot of work to do in order to avoid a late budget or a possible government shutdown.  Illinois and Connecticut have already experienced recent ratings downgrades, which will lead to increased borrowing costs.  Lawmakers must compromise and aim for on-time budgets to be in place by the end of next week.  Many states cannot afford lengthy budget stalemates.

 

All expressions of opinions are subject to change without notice in reaction to shifting market conditions.  All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness.  Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice.