Wall Street has always struggled to understand Washington, flummoxed by its Byzantine procedures and arcane rituals.
But even though New York is sending one of its most powerful businessmen to Washington as president in 2017, Wall Street may be misunderstanding the new Trump team, too, a person familiar with the Trump transition told CNBC.
This person argues that Wall Street is expecting a typical Republican administration, in which lower taxes and slashed regulations give a huge boost to corporate chieftains. But, the person said, that’s only part of what Wall Street should expect from Trump. The new president instead will be turning a generation of Republican orthodoxy inside out, the source said.