The day's weakness came on renewed political turmoil in*Washington D.C., which followed The New York Times reporting that President*Donald Trump*asked then-Federal Bureau of Investigation*Director*James Comey*to stop his investigation into former National Security Adviser Michael Flynn. Trump subsequently fired Comey.

Among other things, the turmoil in*Washington*cast further doubts on whether Trump could pass his economic agenda, including tax reform, deregulation and infrastructure spending. Equities have rallied to repeat records since his election as investors bet on those initiatives passing*Congress. If they fail to pass, it may be harder for market participants to justify current valuations, which are at their priciest since 2004 by some metrics (http:// By one measure, stock valuations are at their highest level since 2004 - MarketWatch), particularly when first-quarter GDP came in at its weakest level in three years (http://www.marketwatch.com/story/us- economy-posts-slowest-growth-in-three-years-first-quarter-gdp-shows-2017-04-28).



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