The #1 question I encounter on the road is, “Will ITR Economics be changing its outlook based on the new Administration and the Congress?” The answer is, “No, we are not changing our outlook.” The stock market is affirming the outlook for rise in 2017, and the bond market is confirming our concern for 2019. Inflation is escalating, and the Federal Reserve will likely have to acknowledge that with interest rates going up beginning in March. We continue to think inflation will be higher post 2019 than before 2019. There is nothing concrete coming out of the Congress or the Administration yet to make us think the Depression Drivers are abating. The Depression Drivers are: Demographics, Inflation, Health Care Costs, Entitlement Spending, National Debt.