Why CEOs must plan for a second Trump presidency

That buoyed short-term stock prices, which were also helped along by low interest rates. But it's unlikely we would see the same phenomenon in a second Trump administration. His tenure marked the apex of financialised growth, which is now largely tapped out. As the Fed's End of an Era paper from June this year laid out, about 50 per cent of real corporate profit growth between 1984 and 2020 came from the secular fall in interest rates, and corporate tax rates being cut. That's what has propelled so much growth in equities in recent years. Today, the S & P…