Impeachment Takes a Back Seat to Trump Health Speculation
Author: Greg Valliere
November 19, 2019
FOR A DAY, AT LEAST, IMPEACHMENT didn’t dominate the Washington buzz. As we wrote yesterday, something was fishy about President Trump’s unscheduled dash to Walter Reed Hospital on Saturday, and the subsequent speculation prompted White House officials to issue a curious statement last night denying that he underwent “any specialized cardiac or neurologic evaluations.”
THERE’S SOPHISTICATED MACHINERY at the White House to deal with heart issues, so there must have been something else that prompted his visit to the renowned hospital. “Despite some of the speculation, the president has not had any chest pain, nor was he evaluated or treated for any urgent or acute issues,” his Navy physician said.
MUCH OF THE SPECULATION LAST NIGHT centered on what required him to be at Walter Reed; some experts think it was the removal of polyps on his vocal chords. After dozens of campaign-style events this year, Trump’s voice has become raspy. Or there could have been polyps elsewhere, which couldn’t be burned off at the White House.
IN ANY EVENT, whatever happened on Saturday seemed to chill Trump a little, as the ferocity of his tweets seemed reduced for 48 hours. Amazingly, he even had a “cordial” meeting with Fed Chairman Jerome Powell in the White House private quarters. The Fed insists there was no discussion of interest rates, but Trump said there was.
OUR GUESS IS THAT TRUMP wanted to apply some heat on Powell ahead of the Dec. 10-11 FOMC meeting. Trump obviously wants another rate cut then, but the chances of that happening are close to zero. There’s a bad combination looming for the president: no more rate reductions for a while, as fourth quarter GDP growth potentially slips below 1%.
WE’RE BACK TO THE MEDIA FRENZY today, as impeachment witnesses continue to pile on — there clearly was a quid pro quo: no weapons for Ukraine unless there was an investigation of Joe Biden. Nevertheless, there’s been remarkably little erosion — in public — of Trump’s support among Republicans, who can’t stop House impeachment but have more than enough votes to acquit in the Senate.
IN THE MEANTIME, a serious issue that deserves more attention is now in the limelight: the lack of transparency by the candidates on their health. Bernie Sanders had a major heart attack, yet his aides weren’t forthcoming for several days. Joe Biden had two brain aneurysms in the 1980s but has not released his data. And the speculation undoubtedly will persist over Trump’s curious visit to Walter Reed.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
For further information, please visit AGF.com.
©2022 AGF Management Limited. All rights reserved.