“(The US tax cut) was bigger (from 35% to 21%), and was on the back of a strong economy, high market multiples and low interest rates. This drove the US markets initially, and also earnings and economic recovery for a couple of quarters. But 21 months on, it’s more sobering—GDP growth has moderated (down 100bps from peak), markets are only up 5% post initial euphoria, corporate/consumer expectations are modest, investment momentum has slowed sharply, and the fiscal deficit is up," analysts at Edelweiss Securities Ltd said in a note to clients.