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As 2016 draws to a close with Donald Trump’s surprise election victory，we still see more upside potential for equities.Prospects of expansionary fiscal policies under a relatively easy monetary backdrop are likely to help support further re-rating of the equity multiple.However，fundamental risks are also likely to be more significant—although there is the possibility of pro-growth policy reform under the new administration，the potential passage，timing，and efficacy of any measures are still very much unknown.A stronger US dollar and higher interest rates could potentially be sources of downside risk for corporate earnings and the equity multiple，especially if those trends are not supported by stronger growth expectations.Our Chief US Economist expects a small fiscal boost to US economic performance in 2017，which would add about 0.25% to annualized GDP growth beginning in 3Q17 and extending into 2018.The ongoing progress toward the Fed’s inflation and employment objectives should keep it on track to slowly normalize short-term interest rates：we look for a hike in December and two more next year，taking the target range for interbank rates to 1.00-1.25% by the end of 2017.
20161202-JP_MORGAN-US_YEAR_AHEAD_2017：STOCKS_FOR_EVERY_STRATEGY-365163.pdf
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