The great Trump reflation story, which points to strong equities, weak bonds and a highly valued dollar, is by now thoroughly entrenched in the minds of global investors. Not without reason. But when conviction is near-universal in markets it makes sense to ponder what investors might be missing. For my money the most likely flaw in this narrative relates to the cost of protectionist policies.
到目前為止，偉大的特朗普通貨再膨脹構想——意味著股市上漲、債市走弱和美元強勢——在全球投資者心里已變得完全根深蒂固。這并非沒有原因。但是，當某一信念在市場中變得幾乎被所有人認可，就有理由思考一下投資者可能漏掉了什么。在我看來，這一構想最可能的缺陷在于保護主義政策的代價。
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