Economic wrap: Trump's news conference was combative and defensive - Westpac

Analysts at Westpac offered an economic wrap.

Key Quotes:

"President-elect Trump’s news conference was combative, defensive, covered Russia, and discussed plans to address ethical questions around separating the presidency from his business dealings. It was not as market friendly as the pro-growth acceptance speech he gave in November. Trump made a few references to "making American great again" but if you wanted more detail on infrastructure spending plans, corporate tax reform, a tax repatriation holiday, and the potential for border adjusted taxation, then you would have been disappointed. Separately, Elaine Chow, nominee for Transportation Secretary, backed a "bold new" rebuilding plan in her confirmation hearing today. It appears that it iss going to be heavily reliant on tax breaks to incentivise private sector investment rather than a more traditional public works program.

Economic Event Risks Today

ECB minutes will be watched, but otherwise the data calendar is light. Fedspeakers Harker, Evans, Lockhart and Kaplan provide some interest."