Bank of America's November survey of global fund managers shows that after Trump's win in the USA presidential election, the dollar is expected to perform exceptionally well by 2025. The survey shows that 45% of respondents following the election expect the dollar to outperform large cap. In contrast, 28% of investors expect gold to outperform large cap, and 20% of investors expect the yen to outperform large cap. Meanwhile, 51% of fund managers believe the dollar is overvalued, a 5 percentage point increase from last month. The dollar has strengthened due to expectations that Trump's proposed policies, including trade tariffs, will boost inflation and lead to a lower interest rate cut by the Federal Reserve than previously anticipated.