The post-election movements of U.S. stocks have been heavily influenced by policy. First they soared, then they traded in a narrow range. Now the markets have entered a period of greater volatility underpinned by a tug of war between the expectation of reflationary policies and the risk of stumbling into stagflation. Where we end up will be predominantly a political call. Phase I: Euphoric Markets The markets’ euphoric phase started in the early morning of Nov. 9, when President-elect Donald Trump delivered his acceptance speech. It lasted until mid-December. Trump’s remarks at the Hilton Hotel were conciliatory in ... (full story)