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00:00YOU CROSSED THE WORLD MARKETS IN POLITICS. IS IT SURPRISING THAT MARKETS ARE ON A TEAR? WHEN THE POLITICS ARE STILL THERE? > > THAT IS THE RIGHT QUESTION. I ' M NOT SURE IT ' S TAHT SURPRISING. -- I ' M NOT SURE IT ' S THAT SURPRISING. WE HAD A STRONG START TO THE YEA IN,R, AND THERE SEEMS TO BE GOOD REASON FOR THAT. TAX CUTS IN THE U.S. ARE POTENTIALLY FURTHER BOOSTING THIS CAPEX CYCLE WE ARE IN. THERE ARE THREE MAIN RISKS, ECONOMIC AND POLITICAL. THE ECONOMIC IS THIS IS THE CONSENSUS. EVERYONE HAS BOUGHT INTO GLOBAL GROWTH. I WOULD EXPECT THAT TO CONTINUE, BUT IF THERE ARE RISKS, IT ' S IN CHINA, WHERE POLICY REMAINS VERY TIGHT. I THINK THE POLITICAL RISK IS PROBABLY TRADE. LESTER IT WAS ALL ABOUT TAX. -- LAST YEAR IT WAS ALL ABOUT TAX. THIS YEAR IT IS ALL ABOUT TRADE. DONALD TRUMP HAS GOT TO MAKE SOME DECISIONS REGARDING TRANSFERS AND THE NATIONAL SECURITY INVESTIGATION. IF THERE ' S ANYTHING THAT WOULD DIM OPTIMISM, IT WOULD BE THE U.S.-CHINA TRADE. FRANCINE: DOES THE CORRELATION COME UP BETWEEN THOSE TWO ASSET CLASSES? > > I BELIEVE WE ARE IN AN ENVIRONMENT WHERE WE DON ' T WANT TOO MANY U.S. TREASURIES. TOM WAS TALKING ABOUT THE CURVE FLATTENING AND I BELIEVE THAT WILL CONTINUE. IT IS A BULLISH MIDCYCLE. I AGREE, IT IS A NICE CHART. IT PROBABLY FEELS MORE MID TO LATE CYCLE. YESTERDAY WE SELL WEEKLY CLAIMS OUT OF THE U.S. IT ' S BEGINNING TO LOOK LIKE IT IS BOTTOMING. YOU CAN ' T REALLY PUSH DOWN UNEMPLOYMENT ANY FURTHER, AND

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BlackRock's Rupert Harrison Sees a Market 'Melt Up'

There are 'very good reasons to be positive," says Rupert Harrison, multi-asset strategies portfolio manager at BlackRock, as he talks about the factors behind the current market rally. He speaks with Bloomberg's Francine Lacqua on "Bloomberg Surveillance." (Source: Bloomberg)

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