Good Wednesday morning. We thought last nights SOTU was excellent. A "common sense revolution is underway…a golden age for America has begun”, as President Trump framed it. It’s also receiving rave reviews from everyone except congressional Dems, who chose not to even stand for moments that had normal human beings in/near tears. And the polls look unanimous, with CBS reporting that 76% approved and CNN showing 69% approval.

We may have a stock market shakeout and the Atlanta Fed forecasting -2.8% Q1 GDP growth, but you wouldn’t have known it from last nights reaction. We believed that last night was important  as to “messaging” and if Team Trump can build on this SOTU success, the recessionary mood of the markets and sour consumer sentiment should soon begin to lift. As to messaging, longtime advisor and friend to the President Larry Kudlow said yesterday “they need to be more growth-minded. If I had my druthers Trump would have focused on tax cuts, deregulation and growth early on,...