(Bloomberg) -- The first weeks of Trump’s presidency have forced investors to continually rethink their approach as the Republican sends mixed signals with his appointments and statements, according to Krishna Memani, who oversees more than $220 billion at OppenheimerFunds Inc.
“You can’t blame the market for being confused,” Memani, who is chief investment officer, said Monday in an interview on Bloomberg Television. “After the election, we were expecting lots of things. What is becoming clearer is the fact that whatever we were expecting will take a long time to manifest itself, whether that is Obamacare, or whether that is fiscal stimulus.”
ACA replacement in 2018 now?
The process for coming up with a replacement for the Affordable Care Act could stretch into 2018, Trump said in an interview with Fox News broadcast Sunday, just weeks after saying he’d put forth plans for a new law as soon as the Senate confirms his pick to run the Department of Health and Human Services.
And the nomination of Mick Mulvaney to lead the U.S. Office of Management and Budget could complicate efforts to stimulate the economy, given his focus on narrowing the gap between spending and taxes, Memani said.
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