PGIM strategist Guillermo Felices says markets are "fairly complacent" about the risks of a potential second Trump presidency. Trump has promised to reduce the top corporate tax rate to 15% during his campaign for a second term, after previously cutting it from 35% to 21% in his 2017 tax reform bill. This move could boost growth but also worries bond markets. Felices cautioned that if the robust economy doesn't need more fiscal stimulus, bond market concerns over debt sustainability and higher interest rates could lead to increased yields and a negative reaction from risky assets.