All eyes will be on President Trump this evening as he will give his first official address to Congress in a speech that is expected to begin to lay out policy details. A $54bn increase on defense spending (a 10% rise) has already been leaked (to be fully funded from cuts to environmental, international aid and administrative measures). However markets are really looking for details on tax reform and infrastructure spending. Traders will be waiting for Trump, but in the meantime, there has been a pick-up in Treasury yields on the back of comments from FOMC hawk Robert Kaplan who has been the latest Fed speaker who ... (full story)