Post-election financial fever has cooled -- but it will return

As this particular fever began, so it will continue -- like malaria, gone for a while and then back
  • Employment and purchasing data for this month are almost exactly on trend.
  • The Fed has indicated it will act if the economy becomes overheated due to new policies.
  • More investors and businesses every day are coming to the same conclusion: nobody knows what will happen.

The post-election financial fever has cooled for the moment, rates sliding slightly. Trading in markets since the election cannot be traced to changes in the economy; all have been reactions to prospective changes in policy.