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The US experienced a radical regime change on November 8, 2016. The Trump administration is more populist and less progressive than the Obama administration. The former is full of dealmakers, the latter was full of community organizers, lawyers, and economists. How are stocks, bonds, currencies, and commodities likely to fare under Trump's "America First" policies? Might Election Day have marked the end of the New Normal of secular stagnation and the resumption of the Old Normal with stronger growth, but higher inflation and interest rates? How might Fed policy change with more Trump appointees and once Fed Chair Janet Yellen leaves at the beginning of next year? Might Trump's bilateral approach to trade save globalization from the populist anger at the multilateral free trade system? How much might Trump's tax and regulatory reforms boost corporate earnings?