Nov 14 In the Trump era the stock market thinks it smells growth but the bond market is pretty sure whatever happens will taste like inflation. Stocks have rallied sharply since Donald Trump won, but more striking is the sell-off in longer-dated bonds. Since the election, 10-year U.S. Treasury note yields are up more than 20 percent to 2.20 percent, and market measures of where inflation will be in five years have also spiked. Both stocks and bonds might be right; President-elect Donald Trump may spur growth via tax cuts and infrastructure spending, encouraging inflation back up towards historical norms. For that to happen, a lot of "ifs" have to come through:
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