The timeline for tax reform, a signature promise of the U.S. president and Congressional Republicans, may start to slip, amid other big policy battles, says Michael Zezas.

There is a pretty big difference between what we think are very optimistic market expectations of outcomes and policymaking reality.

Get more coverage on key issues and debates on U.S. policy and how they may affect the outlook for the economy, markets, various industries, as well as investors and consumers.

U.S. Politics in Transition: What's Ahead for Markets and Investors
Republicans control the White House and Congress, heightening expectations for reform and uncertainty.

Banks & Asset Managers Shift Gears—in Different Directions
Even as revenues potentially diverge for banks and asset managers, consumers could still benefit through lower fees and more lending.

The Path to Higher Rates
Can the Fed stay on its policy path to more normative interest rates? What's next for U.S. and global markets and investors in 2017?

For more Morgan Stanle Research on the outlook for U.S. policy and how they may impact markets and investors, ask your Morgan Stanley representative or Financial Advisor for the full report, “Tax Policy Pathfinder” (Mar 3, 2017). Plus, more Ideas.