State Of The Union & Debt Ceiling Battle Impact On Markets

"State of the Union addresses have become more of a performance than a substance. President Biden gave a strong, but an unremarkable speech. He spent time touting his economic accomplishments from last year like the Inflation Reduction Act. He also floated new proposals that will likely go nowhere and divided Congress like quadrupling the new tax on stock buybacks. The biggest issue that President Biden discussed was the debt ceiling battle," says Michael Townsend.