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White Papers

Trump era signals higher rates, volatility and opportunity

• Donald Trump's election sparked an equity rally and an increase in interest rates, and boosted inflation
expectations.

• Credit sectors such as high-yield bonds and floating rate loans made a comeback in 2016, as signs of
an improving economy helped attract investors.

• Trump's plans for tax cuts, fiscal expenditures and less regulation could boost growth, but the economy
also could be undermined by protectionist policies.

• Active fixed-income management will likely be of significant value in a bond market characterized by elevated interest-rate volatility.

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