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Trumpflation Is Running Out of Gas

  • Break-even inflation falling amid fiscal policy uncertainty
  • Oil, wage growth may not be there to propel break-evens higher
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FX Strategist Valentin Sees Fiscal Talk Reigniting Dollar

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Markets finally got a reminder that Donald Trump hasn’t forgotten his promise to boost spending and slash taxes, but that may not be enough to revitalize one of the more resilient reflation trades his win inspired.

In recent days, BlackRock Inc. Chief Executive Larry Fink and economists at Goldman Sachs have raised doubts on how fast any pro-growth policies like infrastructure spending, tax cuts and deregulation might materialize -- or whether the net effect of the policies will even be beneficial.