Trumponomics may promise more than it delivers, says Morgan Stanley, while investors steering clear of Europe may find it delivering more than it promises. The dollar’s surge to 14-year highs against the euro, while the S&P 500 Index scales new records, shows traders are underestimating the risk that Donald Trump will adopt more protectionist policies if U.S. economic growth fails to live up to his campaign pledges, according to Morgan Stanley’s head of cross-asset strategy Andrew Sheets.