I have been trained, over the course of my career, to listen to "the message of the markets." And some very important messages are being sent today to those who are willing to listen.
Since the initial surprise of Donald Trump's election has worn off, stocks, interest rates, the dollar and commodities, have all rallied in tandem, sending an important message about the future shape of economic growth here in the U.S.
While those rallies largely began before the election, they accelerated after November 8th and have also been reinforced by strong rebounds in developed markets around the world.
One may disagree with the President-elect's platform, as I have, but it would be foolish to ignore the unambiguous messages being sent by the markets over the last five weeks.
U.S. stocks are hitting record highs daily and are up 8.5 percent from the November lows. Interest rates have broken out to the highest levels of 2016, with the yield on the 10-year note reaching 2.5 percent, up a full percentage point from this year's lows.
Key industrial commodity prices are rising as well, from copper and steel prices to oil and natural gas. The U.S. dollar, meantime, has rallied to its highest level in years.
All of this suggests that Donald Trump's plans to slash individual and corporate taxes; deregulate vast segments of the economy; upgrade the U.S. military; and re-build critical infrastructure, will cause a pronounced acceleration in economic growth. In addition, it could drive inflation higher, possibly even above the Federal Reserve's stated target of 2 percent.
The prospect for greater fiscal stimulus, and faster growth, around the world, has been foreshadowed by rallies in equity markets from Japan to Germany and from Britain to Shanghai.