that the undertow at this rally ultimately has more to do with the fact that the u.s.ull employment, wages and core inflation were rising over the last year, and the fact that we growth,ck up in u.s. pickup in earnings momentum, pickup in global growth, and that combination is going to be more inflationary, more upward trend on yields, and i think for a while, more bullish for stocks. jonathan: had this conversation earlier on bloomberg radio, are we letting the market shifted narrative around donald trump? you have a rally in risk assets, rates backing up, is that shaping the narrative around trump instead of the narrative around trump driving the market? think there is some truth in that. i really believe that the pace of change that will come from a trump presidency is being grossly overestimated and i think the amount of change and how fast it will occur right now in the markets, and looks like it will happen in the first 100 days. we will have a massive infrastructure spending program, get rid of dodd-frank, build a wall, do it all. i think the reality will set an