According to Nick Watson, Janus Henderson multi-asset team, from a markets perspective, Trump's ability to provide the US economy and markets with further levels of stimulus and acceleration are likely to be constrained over the next two years.

Equity markets fell on Wednesday with the S&P 500 down 3.1%, extending the index's losses to 9.4% since hitting an all-time closing high just a few weeks ago on 20 September. With today's decline the S&P 500 has erased its price gain for the year.

We expect risk assets to continue to grind higher, and maintain our exposure. It might not be time to add too much risk, but we don't think it's time to take it all off either.

On Wednesday, US stocks fell dramatically, with the Dow Jones Industrial Average falling more than 800 points. The rout was led by technology stocks, with the NASDAQ Composite Index down 316 points, but all sectors experienced losses. This was the worst one-day sell-off for US stocks since February. For much of the day, bonds sold off as well but, by the end of the day, a flight to safety occurred in US Treasuries, sending yields lower.

The US bull market is officially the longest on record since World War II surpassing the 1990, 2000 and 2007 peaks. It is hard to imagine the music won't skip a beat in the face of rising rates, shrinking central bank balance sheets, curtailing liquidity, trade spats, wage inflation risks, and emerging market credit concerns.