In our 2017 outlook, we examine the outlook for the United States, greater Europe, China, Asia, and emerging markets. We’ll try to shed some light on monetary policy and interest rates, and investigate the global asset class implications of these views. As we wind our way around the world, we will suggest that the disruptive, but reflationary, implications of a Donald Trump administration that markets are currently pricing in is simply an acceleration of the reflation that had been happening for months. An acceleration that was unnoticed by the consensus. We expect faster global growth, higher stock prices, and mildly higher interest rates in 2017.