Stock investors are brushing aside economists’ gloomy predictions about US president-elect Donald Trump’s economic policies, betting instead that his plans will boost corporate earnings and power the market higher.
Wall Street’s S&P 500 benchmark soared to record highs last year and, although there has been a recent pullback, equity strategists have predicted gains of about 10 per cent for the index this year on the back of strong earnings growth.
That bullish tone contrasts sharply with recent warnings from economists about the likely damage from Trump’s protectionist policies, which, they say, could hit economic growth, raise inflation and limit the Federal Reserve’s ability to cut interest rates.
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