U.S.: Risk Appetite or Bulimia?

​U.S. equity prices soared, as investors expected rapid expansion, financial deregulation and a massive fiscal stimulus, pushing valuations and risk-appetite to danger zones. The reality check and subsequent price correction may come earlier than later as policy-related risks add up and the potential for disappointment grows. We expect a timid +2.3% for U.S. GDP growth in 2017