Looking at the 10-year bond yields going back to the 1950’s, two secular cycles are clearly visible in the data. One shows a steady decline in yields from 1981 to approximately 2010. The other cycle denotes a secular upward trend in yields through the postwar years leading up to 1981. ...
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We believe that the election of Donald Trump marks a policy inflection point. Even if tax rates and the regulatory burden do not decline by much, they denote quite a change in the trend of rising regulations and rising marginal tax rates ... 
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