Anyone hoping President Donald Trump was going to get into anything specific on proposed fiscal policy or regulatory changes (financial or otherwise) will surely have come away disappointed from his address to a joint session of Congress. It was, predictably, long on rhetoric, short on substance. We now have to await the outline Budget, current promised for March 16th (or leaks thereof) before any more reasoned judgement can be formed as to both the specifics of Trump’s budget ambitions and the likelihood of Congressional support. Certainly markets have come away from Trump’s address exhibiting at least mild disappointment, with US Treasury yields and the US Dollar initially both a touch weaker from levels prevailing before he started speaking, before reversing to leave them both pretty much where they were following the boost derived from the earlier comments from NY Fed President Bill Dudley. Dudley’s comments that the case for tightening had become a ‘lot more compelling’ helped move the dial on Fed pricing for a March rate hike from 56% at Monday’s NY close to 85% (based on OIS pricing). The onus currently looks to be on a relatively weak payrolls (and earnings) report next Friday (March 10th) to prevent the Fed moving on March 15th.