Instead of a so-called “no landing” or “soft landing” for the economy, the chances of the economy growing without rising inflation have improved thanks to the victory of Trump, Mohamed El-Erian said on Wednesday.

In an interview on Bloomberg TV, El-Erian said the upside was that supply-side improvements and faster productivity could be driven.

“The probability, but not more, has increased from what it was yesterday,” El-Erian said.

The risk is that an increase in inflation will occur sooner than productivity gains.

In light of that outlook, the market pushing small caps higher along with higher bond yields and a stronger dollar was “very rational,” he said.