Growth & Inflation in Trump World

(1) Is there an internal contradiction in Trump’s agenda? (2) Over-the-top growth. (3) Donald Trump vs. Adam Smith. (4) Is Trump a mercantilist or not? (5) Donald Trump vs. Charles Koch. (6) Trump’s ceasefire with Europe. (7) Exports boosted by beating the tariffs. (8) Strong capital spending. (9) Five regional business surveys showing lots of strength. (10) Trump’s tax cuts and tariffs stress-testing our low-inflation scenario. (11) Record profit margins may be inflationary shock-absorber. (12) Regional, national, and Beige Book surveys all seeing more cost pressures.