Amid the stock market sell-off, investors have been focused on the Federal Reserve and the fear that there could be too much monetary policy tightening and too many rate hikes.
But Strategas head of policy research Dan Clifton said the investors he talks to have a real fear of potential fiscal policy missteps that could be made by President Donald Trump or Congress.
"While most of the dislocations in financial markets seem non-policy related, there are a number of policy issues which can add further strain at a time of volatile markets. In most cases the probability of these actions is low but worth keeping an eye on," Clifton wrote.
Here are some of the concerns, according to Strategas: