…financial markets and official economic indicators over the past few weeks have given policymakers around the world plenty to contemplate. Were the recent bond-market alarm bells a sufficient warning to Trump and his team, or will they still pursue large-scale stimulus in the form of a tax cut, across-the-board import tariffs, and a crackdown on immigration? As I wrote in November, most economists would describe this as an inflationary agenda. And now, it appears that ordinary Americans and bond markets agree. – Jim O’Neil