VANCOUVER — For the first time, Vanguard is predicting that the U .

S. stock market will continue to expand this year despite the government’s efforts to curb its market-beating bubble.

Vanguard’s annual survey of U.K. companies, which is published on its website and on social media, found that the stock market is on track to grow at a compound annual rate of 2.6% in 2017, an all-time high.

But in a report Wednesday, Vanguard said it would be “very cautious” to take any firm’s share price for granted.

“It would be very, very difficult to take the stock price for its entire lifetime,” said Michael McPherson, a Vanguard executive.

“We are going to be cautious about any firm that we have a high probability of taking for granted.”

Voltz said it is “quite possible” that stock market gains will remain flat in 2017 because of a “severe” downturn in China, which has imposed a 30% tariff on U.N. exports, and the U.’s economic woes in Europe, the Middle East and North Africa.

The Dow Jones Industrial Average fell more than 5,000 points, or 0.7%, in early trading Wednesday, and was down by more than 4% in the week to Feb. 9.

The S&P 500 Index of stocks fell more in early trade, by 2.5%, to 2,567.10.