Stock indexes are setting new records, bitcoin hit $100,000 and the Federal Reserve just cut rates for the third time in less than six months. There was persistently hot economic data even before Donald Trump won the election on a platform of trade tariffs and immigration crackdowns, both historically inflationary policies. Bond yields also rose sharply in the last quarter of the year, stoking fears that rates and inflation would jump in tandem, sparking a repeat of the 2022 market selloff.