Trump policies support stocks but high valuations and yields pose risks
Deficit cuts risk downturn, suggesting fiscal dominance will persist
Rising US bond yields could challenge risk assets in 2025
Dollar strength after Trump win may fade as policy and liquidity shift emerge
Credit spreads tighten as investor complacency rises despite slowing growth
Chinese equities trade at multi-decade lows but stimulus may trigger re-rating
US equities trade at rich valuations while emerging markets offer relative value and potential outperformance
US CAPE valuation signals risk but doesn’t end bull market momentum
