The Stock Market’s Crowded House

Investors are making lopsided bets on stocks that benefit when the economy and inflation pick up, but the bond market is signaling that they could fizzle.

A big driver of the move in stocks since the U.S. election has been an expectation that President Donald Trump will push through a spending and tax-cut package that will stimulate an economy that is already in decent shape. If so, growth will turn up and inflation will burn a…

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