May
23

Tempered Trump

bored After quickly rising by a strong 5% on a trade-weighted basis after Trump’s election win, the dollar has fully retreated and is back where it was before the election. 10-year bond yields have given up almost half of their gains while the stock market is at or near an all-time high. This combination suggests no fiscal stimulus, weak economic growth, good corporate profits, and thus probably weak wage growth

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