Markets still in that honeymoon phase

Markets are married to quantitative easing, but their also in love with fiscal stimulus.

The combination has global equities on cloud nine. Risks are brushed aside and every new rumour about Trump's tax plan is taken as gospel. The result is the S&P 500 in a fifth day of gains despite fresh hints at a Fed hike.

But Janet Yellen is like loyal wife to the markets. She will always be there with a pick-me-up if times get tough.

Trump meanwhile is fascinating dalliance that is promising the world with a twinkle in his eye.

What's inevitable is that being married and having a lover are incompatible for the long term. If Trump delivers, rates will go much higher. If he doesn't then low growth will choke out the market.

But it's Valentine's Day, so lets just enjoy it while it lasts.