ECONOMIC REVIEW AND OUTLOOK -
In this past year we were reminded again to expect the unexpected: The well-established political classes in the U.K., the U.S. and Italy learned that democracy was their Achilles’ heel, and central bankers witnessed the limits of monetary policy in solving the world’s economic ills. With that said, the market response to Trump’s election has been positive as investors factor in the benefits of tax cuts, deregulation, and fiscal stimulus while ignoring—for now—potential consequences for the dollar, deficits, interest rates, trade, and inflation.
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