Welcome to Thoughts on the Market.

I'm Michael Zezis, Head of Public Policy Research and Municipal Strategy for Morgan Stanley.

Along with my colleagues bringing you a variety of perspectives, I'll be talking about

the intersection between U.S. public policy and financial markets.

It's Wednesday, April 21st, at 10.30 a.m. in New York.

Last week, we focused on three equity sectors that would be major beneficiaries of the kind

of infrastructure legislation we expect will be made law on the U.S. later this year.

They were still in cement, clean energy, and health care.

Today, we discussed the unusual dynamic that's making this possible.

The likelihood that cold country long-resistant to federal policies promoting a transition

to clean energy is ready to embrace a green outlook.

Why is this dynamic essential to an infrastructure deal getting done?

It boils down accounting votes in the U.S. Senate, where Democrats 50 seats means that

any single Democratic Senator has the power to derail legislation.

That means that Democrat Joe Manchin of West Virginia is likely to take into consideration

the impact on the coal industry, which, by some estimates, supports over 15 percent

of the state's economic output.

But it seems at least some key elements of West Virginia's coal industry are ready

to embrace a green initiative, which helps enable Senator Manchin's vote for the infrastructure

plan.

As reported by the New York Times, the United Mineworkers of America presented a plan

on Monday advocating for a variety of investments and tax credits that would help provide ongoing

...