Markets aren't excited about a second Trump presidency

Stocks popped after Donald Trump won the presidency in 2016. Markets had priced in a Hillary Clinton win, and Trump's surprise victory raised the odds of business tax cuts and higher corporate earnings. That came to pass, validating investors who bought stocks when Trump won. A second Trump presidency could be less welcome, based on evolving estimates of how Trump's policies would impact markets and the economy if he wins a second term. "Most of the major policy initiatives being suggested by Donald Trump's campaign would be inflationary," Paul Ashworth, chief North American economist at Capital Economics, wrote in an…