The stock market’s post-election euphoria moderated this week but the trend is clear: Wall Street views Donald Trump’s victory as being inflationary, which has given stocks and the dollar a boost while sending Treasuries to the woodshed.

In the eight trading days since Election Day, the Dow Jones Industrial Average reached a string of record highs, the Dollar Index reached its highest level since 2003, and 10-year Treasury yields (which move in opposition to price) hit the highest levels of the year. The “Trumpflaiton” trade was buttressed by stronger-than-expected news on U.S. jobless claims and housing starts, as well as Fed Chair Janet Yellen’s effective pledge to raise rates in December (and then go on hold for a bit.)

Related: Why President Trump Could Be a Game-Changer for Stocks

In the accompanying video, Fortune editors Aaron Task and Shawn Tully discuss the market’s reaction to Trump’s election triumph, as well as the potential headwinds investors — and the President elect — may face in 2017.