“Trade is likely to occupy “a substantial portion” of the speech, as legislative action from Congress during the next two years is unlikely, so Trump needs to prioritize “areas where he can enact change unilaterally,” Veda Partners director of economic policy research Henrietta Treyz says. She expects Trump to “leave the door open for further tariffs ... but message that progress is being made.” — Felice Maranz, Bloomberg

The possibility of a China/US trade agreement draws closer each day. Is this an overhang removed to be bought or a sell the news event? Henrietta Treyz of Veda Partners joins me to discuss the details around enforcement and how funds seem to be positioned.

“Henrietta Treyz, director of economic policy research at the investment advisory firm Veda Partners, spent her weekend studying the 1935 Banking Act to determine whether Mr. Trump could unseat Mr. Powell as chairman but keep him on the Fed board without violating the law. She has yet to determine whether that could pass legal muster.” — Alan Rappeport, New York Times

“We do not have evidence to suggest that China is preparing to capitulate in such a manner and do not see an end to the tariffs in the near term.” — Henrietta Treyz

“They are trying to thread the needle on all three of those [trading] issues so it’s definitely an uphill battle” — Henrietta Treyz

“My expectation for investors is that we’ll keep this to a top of about 22 and a half if it even rises above 20 percent.” — Henrietta Treyz

“This was purposely opaque,” said Henrietta Treyz, director of economic policy and a managing partner at Veda Partners. “They are under strong pressure from multinationals to make sure that they don’t get hit hard.” — Henrietta Treyz

“I see them putting these ideas out as though they’re making progress, but they are the same regurgitated ideas we’ve been talking about for 20 years that have never gotten past the white-paper stage.”— Henrietta Treyz

“Trade talks are occurring outside of any [traditional] economic conversation...the metric is GDP growth, wages, unemployment, and until those things start to shift, you’re not going to see any efforts from the republican caucus in any earnest way to reign this in.” — Henrietta Treyz