RBC's Golub Sees Earnings at 8.5% in 2017

The transcript discusses the current state of earnings, highlighting that while earnings are generally in line with historical averages, the market's optimism may be overstated. Analysts have not adjusted estimates downward as usual, possibly due to potential pro-growth policies from the Trump administration. Various market players, including the Federal Reserve and hedge funds, are reacting differently to these uncertainties. The financial sector is identified as having potential for surprises due to regulatory changes and interest margins.

In what ways do different market constituents respond to potential pro-growth policies?

What are the expected areas of surprise in earnings growth according to the discussion?