" We are worried that Trump won't deliver"

U.S. stocks and Treasuries were little changed as investors awaited comments from Donald Trump for clues on the conviction behind his policy proclamations. Political risks weighed on Turkey’s lira and the British pound.
The S&P 500 Index churned 0.4 percent below an all-time high and the yield on the 10-year Treasury note slipped to 2.37 percent. The dollar edged higher while the three worst-performing major currencies of 2017 -- the pound, Mexican peso and Turkish lira -- extended their slide. Oil rose and gold slipped.
The president-elect’s address may provide details on the timing and scope of planned policies from infrastructure spending to trade pacts that will set the tone on financial markets in 2017. The dollar and stocks have been stuck in a montlong rut since the Federal Reserve’s rate decision. Speculation Trump will pursue a pro-growth agenda unencumbered by backlash from any protectionist moves sparked the rallies that drove American equities to records and the dollar to a 14-year high.

“There’s quite a lot of positioning that Trump delivers at least part of the stimulus he promises,” said Christopher Jeffery, asset allocation strategist at Legal & General Investment Management in London, who has recently adopted neutral weighting on the dollar from a more-bullish stance. “We worry that positioning has become stretched and that he doesn’t deliver.”

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