Both fiscal and monetary stimulus should boost earnings in the U.S. and abroad, with dollar weakness continuing to underpin international stocks.
Additional retail and retirement-plan demand are expected to broaden distribution of private markets, but they will also bring scrutiny and comparisons to public markets.
Commodities rise; the dollar falls amidst deglobalization.
Democratic opposition appears likely to hold up the legislation as it moves forward.
Tariffs, uncertainty about the future of Federal Reserve independence, and rising U.S. deficits could drive yields higher.
Sub-investment-grade bonds have outperformed all but emerging market debt.
