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2016 brought many surprises, including Donald J. Trump’s election and a rousing fourth-quarter stock-market rally.

What will be the biggest market surprise of 2017?

Kate Warne

Investment Strategist, Edward Jones

“Populism fears in Europe prove unfounded, as European elections in 2017 produce pro-growth governments and reinvigorate the European Union. Continental stocks outperform the U.S.”

Timothy Ghriskey

Chief Investment Officer, Solaris Asset Management “The Federal Reserve hikes interest rates more aggressively than expected, as Republican initiatives raise economic growth and inflation. Bonds continue to sell off, and investors worry about a potential recession.”

Christopher Zook

Chairman, CAZ Investments “A possible currency war. If President Trump were to intentionally weaken the U.S. dollar, surprised investors would move into ‘risk off’ mode in nearly every asset class.”

Thomas J. Lee

Head of Research, Fundstrat Global Advisors

 “Telecom services is 2017’s best-performing sector, rising 25% on easing regulation of Internet neutrality, lower tax rates, and declining industry price competition thanks to higher inflation.”

—Vito J. Racanelli