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Key Takeaways
Trump win should usher in late cycle
environment
We have added to equities while
underweighting duration, overweighting USD
just what kind of fiscal impulse well get. And two, central
ofleast resistance.
Price
Supply
Higher
Prices
Demand +
Fiscal Stimulus
Demand
Uncertain
Growth Impact
Output
%
14
12
10
8
6
4
2
0
-2
-4
-6
-8
Gold
US HY
US
Canada
Bonds Equities Equities
Oil
this may be a new era, but its an old cycle. Within our
100
50
90
80
70
-50
-100
1986
110
60
1991
1996
2001
2006
2011
2016
50
2021
*Cumulative gap between private nonresidential investment & net exports and
housing investment & consumption as a share of GDP, scaled.
Sources: Haver Analytics, Statistics Canada, Bank of Canada, FMR Co.