The lede: The recently approved Trump tax reform package has supercharged business optimism according to global banker UBS.
“Confidence dramatically higher,” said the UBS note to investors.
More: UBS said that the combination of a surging U.S. economy, new tax rate cuts, expected infrastructure investments and a significant reduction in regulations has companies, by a two-to-one margin planning to hire more workers and invest more in their companies.
In sum: UBS, the Swiss-based global giant, said it has been tracking the sentiment of businesses with an average annual revenue of $3.5 million and found a big shift in optimism from the fourth quarter of 2017 to the first of 2018
- Economic outlook has increased from 65 percent positive to 83 percent positive.
- Market outlook went from 62 percent positive to 81 percent positive.
- Business outlook jumped from 77 percent positive to 87 percent positive.
- 65 percent said increased infrastructure spending will help their business.
- 36 percent plan to hire more, versus 14 percent that plan to cut jobs.
- 72 percent said the tax bill will boost the economy.
- 72 percent approved of the administration’s regulation reform.
- 68 percent said their companies are already benefiting from administrative actions.
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