November saw Donald Trump defy the pollsters and win the US Presidential election. To the surprise of many, this sparked a surge in US equities and a dramatic rise in bond yields. The market reacted to Trump’s plan to reflate the US economy, through a mixture of tax cuts and infrastructure spending, with a jump in inflation expectations to the highest level for some years. Many are suggesting the 30-year bull market for Treasury bonds is over. For the first time since 1999, the S&P 500, Dow Jones, Nasdaq Composite and Russell 2000 all closed at all-time highs on the same day.
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