Greetings,
Equities: It was the best post-election session for stocks on record.
The S&P 600 (small caps) finally surpassed its 2021 record high, marking its largest one-day gain since 2020.
Credit: Munis took a hit on Wednesday as the outlook for lower taxes and higher deficits makes muni debt less attractive.
Commodities: Precious metals declined as the dollar surged on Wednesday.
The United States: Market-based inflation expectations surged on anticipated accommodative fiscal policy under Trump.
Emerging Markets: Brazil’s central bank raised rates by 50 bps amid strong economic growth (boosted by fiscal stimulus) and persistent inflation. Some global central banks (including the Fed) see this reversal as a nightmare scenario, risking a loss of credibility.
Global Developments: Here is a look at Wednesday’s currency market performance.
Food for Thought: Demographic shifts in support for Trump since 2020:
Edited by William Villacis
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