Consumption's Revival or Requiem
The equity markets in the US are welcoming a new president, for whom regulations and taxes are anathemas, by rising at an unprecedented rate since the election. There is no question that lower costs and reduced tax burdens increase their earnings. While high valuations pose a threat and a rising US dollar could impair foreign earnings, the larger concern is the demand side. The economy stands at new highs in employment, while unemployment levels are at the cyclical trough. Re