David Kelly: This is the wrong time for fiscal stimulus, Mr Trump

Donald Trump's victory in the US presidential election added a great deal of uncertainty to the market outlook. Following his generally conciliatory victory speech in the early hours of Wednesday morning, US equity markets rebounded along with the dollar while US Treasury yields rose more rapidly. Emerging market equities pulled back. The bottom line is, for most investors, election week 2016 saw some nice stockmarket gains. It is worth asking, however, whether investors are, yet again, underestimating uncertainty. There are at least three issues worth considering here, the first of whic...