Tax reform and the recent market correction will fuel 23% growth in buybacks to $650 billion. The Goldman Sachs Corporate Trading Desk recently completed the two most active weeks in its history and the desk’s executions have increased by almost 80% YTD vs. 2017. New repurchase program announcements will also support buyback growth. Authorizations have surged by 100% YTD vs. 2017. AMGN, MTD, PG, and SWKS all recently announced new repurchase programs that they specifically attributed to the new tax law. Notably, CSCO announced that it plans to repurchase its entire authorization of $31 billion during the next 6-8 quarters (15% of market cap).