Speaking this week on Bloomberg Surveillance, Emily Roland of John Hancock Investment Management said we’re all witnessing to “the biggest catchup in history between soft data and hard data” as business sentiment has soared in the wake of November’s election. That pop in optimism has come even though uncertainty has persisted: Hard data points such as bond yields and firms’ hiring pace suggest some investors and executives alike are leaning more toward caution than action for the moment.

Two months ago, I titled one of these newsletters “All eyes are on policy now.” That hasn’t changed — and the passage of time hasn’t delivered much in the way of clarity (the oil patch appearing to be an exception). So how quickly might leaders commit to new growth investments? It’s a question many of them will have to answer very soon as we dive into another earnings season.

— Geert De Lombaerde