Looking at fund flows, the preference for bonds over stocks is clear. It's a vote on broad economic confidence, inflation and risk tolerance, says Informa's David Ader.
"How can you with confidence apply risk-on or risk-off thematics when data is pretty beige and Washington a massively eye-popping, head-shaking uncertainty?" asks Informa Chief Macro Strategist David Ader.
Gold has added 13 percent this year as Trump failed to deliver on campaign promises to ramp up U.S. growth by cutting taxes and boosting infrastructure spending.