On the fiscal side, Trump has stated plans for somewhere between $6 trillion and $9 trillion in tax cuts over the next decade, which equates to an increase on the budget deficit of between $600 billion and $800 billion annually.
This would mean an increase in the deficit to 6%-7% of GDP, pushing the Fed debt burden above 100% of GDP.
The forecast US budget deficit for 2016 is $590 billion.
Trump has also pledged to simplify the tax code by, for example, reducing the number of brackets for personal income tax and cutting the capital gains tax.
He has said he will reduce the corporate tax rate, with all business income to be taxed at a flat rate of 15% instead of the current 35%.
There are also plans to repatriate 10% of corporate profits held overseas, a move which would particularly impact pharmaceutical and IT firms, with the...