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Why Investors Shouldn't Get Overly Excited About a Trump Fiscal Boom

Financial markets have overstated the likely impact of Trump's fiscal agenda, if calculations from JPMorgan Chase & Co are anything to go by.
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Photographer: Mark Wilson/Getty Images

The president-elect has fueled a spirited rally in the dollar and developed-market stocks since his election victory, while government bond yields have staged a large selloff amid expectations that the Republican's policy platform — tax cuts, deregulation, and infrastructure spending — will turbo-charge U.S. growth and inflation.

Not so fast, says JPMorgan Chase & Co. Financial markets might have overstated the size and likely impact of Donald Trump's proposed fiscal agenda.