Say what you like about President Donald Trump, but sharemarkets around the world have now increased by more than $US4 trillion ($5.23 trillion) in value since that historic November election day in 2016.
For sure, the bulk of that's been on Wall Street, where he has made sharemarket investors richer by $US2.7 trillion.
But that means the rest of the globe has made a healthy $US1.39 trillion, according to Howard Silverblatt, a senior index analyst for S&P; Dow Jones Indices who has made a career out of tracking these sorts of numbers.
In Australia, the major S&P; ASX 200 index has added $180 billion.
Much has also been made of the Dow Jones hitting a record 21,000 but, as the rally gets higher, most of the lifting is being done by a handful of stocks.
For example, the past 1000 points has been largely driven by Apple, Boeing and Goldman Sachs which, combined, have accounted for a third of the move up.
There's been 32 record highs on the Dow Jones since election day but it may not just be Trump boosting stocks.
The latest US earning season was the best since the crisis and the world's largest economy is riding the equal third longest recovery since 1781.
Only the US expansions witnessed in the 1980s and 1990s have gone on for longer.
For sure, it's also one of the weakest recoveries since the 1940s but it keeps chugging on and, on Wednesday night, the February ISM manufacturing index rose to 57.7, up from 56 and much better than expectations.
That suggests factories in the US are enjoying a renaissance of sorts after a few tough years and it also implies that first quarter GDP growth will be better than what most economists are forecasting now.
Get ready for some fine tuning on that front.
Size matters
Despite all the good news on the economy, and the prospect of rate hikes from the Federal Reserve, everyone keeps focussing on just how big the US fiscal stimulus program can be.
If it's too big, the obvious reaction from the Fed will be a faster path to rate hikes and maybe more of them. But, at the moment, that doesn't bother the sharemarket.
However, if the fiscal stimulus triggers a round of rate hikes, it means the spending this time around will be different from what investors have been used to in the past.
In decades gone, fiscal policy has been accompanied by lower, not higher, interest rates.
That's because the sort of spending that's being mooted now in the US has usually come about when the world's largest economy has been in a recession.
In those days, the Fed also helped out by cutting rates at the same time, which led to lower bond yields, despite the budget deficit blowing out.
However, this time may be different.
It's been eight years since the last recession in the US and that means there is little slack left in the economy.
Most economists think growth will be good for the next two years, regardless of any fiscal package and it implies that inflationary pressures are likely to continue to build.
If, however, there is more stimulus added, then the Fed should respond by raising interest rates, not cutting them as they have done when fiscal policy was kick started.
Bonds resume sell off
That will send bond yields higher and, after trading sideways for a few months, bonds have, all of a sudden, resumed their sell off that also started when Trump was elected.
Since Trump was elected there has been a change in the relationship between Wall Street and US Treasury bonds, according to Capital Economics.
Initially shares rose in line with bond yields but then the Fed hiked rates in mid-December.
In the lead up to Trump's inauguration, there was very little change in either equity prices or bond yields.
But since then shares have gone higher again but bond yields have fallen. That's odd and probably can't continue.
Shares are all about future earnings and the rate at which earnings are expected to grow.
It's also about the return on "risk-free" assets and, if the fiscal package is larger, then bond yields will skyrocket and put pressure on borrowing costs, which will be bad for shares.
The US 10-year bond is currently about 2.46 per cent but Capital Economics forecasts it will rise to 3.5 per cent by the end of the year.
