After a busy end to 2016, the first month of 2017 got underway with a general consolidation of the closing trends from the year before, i.e. yields, stocks and the US Dollar moving higher, powered by the promise of increased fiscal stimulus from the new US President. However, as the month progressed there was a notable absence of firm announcements over the pledged fiscal stimulus. Instead, the new administration focused its early efforts on building a wall along the Mexican border, withdrawing from the TPP trade agreement (which New Zealand is part of) and banning immigration from select countries.