The U.S. economy appears to have entered 2017 with wind in its sails and fewer headwinds on the horizon. Animal spirits seem to have returned as investors react favorably to the Trump administration's ambitious agenda of tax reform, deregulation, and infrastructure investment.

• Will the administration's agenda get bogged down in partisan gridlock in Congress?
• Might the rhetoric about tariffs provoke trade wars with China, Mexico, Japan and other partners and undermine the optimism in corporate boardrooms?
• Could executive orders limiting entry to the United States backfire?
• Have the economy's long-term prospects fundamentally improved?