The great Trump reflation story, which points to strong equities, weak bonds and a highly valued dollar, is by now thoroughly entrenched in the minds of global investors. Not without reason. But when conviction is near-universal in markets it makes sense to ponder what investors might be missing. For my money the most likely flaw in this narrative relates to the cost of protectionist policies.
到目前为止，伟大的特朗普通货再膨胀构想——意味着股市上涨、债市走弱和美元强势——在manbetx app苹果 投资者心里已变得完全根深蒂固。这并非没有原因。但是，当某一信念在市场中变得几乎被所有人认可，就有理由思考一下投资者可能漏掉了什么。在我看来，这一构想最可能的缺陷在于保护主义政策的代价。
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