Another week, another wave of soaring stock markets. This time, the rally was partly sparked by signs that US Federal Reserve officials such as Lael Brainard and Bill Dudley are ready to embrace interest rate rises.

But the bulls are also dancing because of Donald Trump: in his first speech to Congress on Tuesday night, the president persuaded many investors that he is not just “America First”, but becoming more pragmatic — and thus more likely to implement pro-business, pro-growth reforms.

Is this optimism justified? Not if you look at Congress. Mr Trump will need widespread Republican support if he wants to enact his promised tax reforms, cash repatriation or $1tn infrastructure spending plan. That seems unlikely to emerge anytime soon, given that Republicans are divided over fiscal policy and Congress (and the White House) distracted by healthcare reform.