The Globe and Mail reports in its Tuesday edition that the so-called "Trump trade" is just getting started, according to RBC Dominion Securities' chief market strategist. The Globe's Tim Shufelt writes that the postelection rally in U.S. equities reflects a shift in growth and inflation expectations that will continue through next year, Jonathan Golub said in a new report. As a result of this "new investment regime," Mr. Golub foresees a strong year ahead in U.S. stocks, and has set a bullish year-end target of 2,500 for the S&P 500 index. That would represent a gain of 14 per cent from current prices. "Interest rates and inflation expectations have jumped over the past five months on the back of a tight labour market and the promise of Trump's pro-growth policies," Mr. Golub wrote. "While the market's recent rotation might seem abrupt, the S&P 500 is up only 3 per cent since election day, leaving it with substantial potential upside." Investors focusing on the potential economic benefits from the president-elect's policies have rushed toward cyclical stocks and smaller companies more leveraged to the domestic economy, at the expense of defensive stocks and bond proxies.