The US economy is showing signs of reinvigorated growth built on rising consumer sentiment, small business optimism and momentum in other areas. December job creation beat expectations with 256,000 new positions, following 212,000 jobs added in November, according to John Chang, national director of research and advisory services at Marcus & Millichap. In addition, holiday retail sales grew by about 3.8% year-over-year, beating expectations.

“It looks like the green shoots of growth have begun to grow,” Chang said in a recent research video.

However, Chang said those growth factors combined with potential policy changes run the risk of reigniting inflation. This has put upward pressure on interest rates since the beginning of the year and an increase of close to 20 basis points on the 10-year Treasury to 4.8%.