Take Trump Seriously, Not Literally

Have investors forgotten how few of Trump’s 2016 pledges were enacted?

Highlights

• Have investors forgotten how few of Trump’s 2016 pledges were enacted?

• The soaring U.S. dollar is highly disinflationary

• October CPI report was “good enough,” but details failed to impress

• Prospect of a December Fed cut hangs on the next NFP report

Key Takeaways

Investor Perceptions vs. Trump: A Treasury Market Dilemma

• Investor perceptions are more of a problem than Trump himself for the Treasury market, which doesn’t seem to have learned from his prior term that he should be taken seriously, but not literally — he never did pull out of NATO, finish the border wall, tear up NAFTA, or arrest Hillary Clinton.