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Investec Chief Economist Phillip Shaw feels the US markets aren’t excessively overvalued, however, the seeds of doubt are being sown into the mind of the investors as to whether Trump would be able to deliver what he promised during the election campaign. Key quotes A bit of rotation is happening out of Trumpflation sectors to defensives Dull stuff (defensives) always works well during the times of uncertainty Rise in inflation primarily due to the normalization of oil prices. Core inflation remains low across the Eurozone UK CPI is seen rising to 3% by 2018 and could weigh over consumer spending Not sure if Trump would be able to deliver ‘Yuuuge’ tax cuts Trump’s fiscal plan can’t be taken for granted markets#trading,#investing,#US#valuations#stocks#equities# inflation#indicator#Investec#fundamentals#macro