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Banking executive: investment planners expected D.C. stalemate
Financial markets have remained steady this week despite the threat of across the board budget cuts, known as sequestration. Thousands of government workers and civilian contract employees could lose their jobs over the next several months.
But Jack Ablin, chief investment officer for BMO Harris bank says investment planners expected the stalemate.
"Not only is it expected but it’s embraced," Ablin said. "While I will say it could have been a little more elegant. I think the financial community recognizes that negotiating anything in Washington is impossible. Any progress toward moving that budget gap lower is a step in the right direction."
Ablin was in Phoenix on Thursday speaking to investors. He says the impact of sequestration will be minimized because of a rebounding U.S. economy that continues to show positive signs with increased manufacturing, a rebounding housing market and low cost energy.