A President Like No Other
In a couple of months we’ve gone from a President who rarely appeared before the press, to one who seems to hold daily press briefings. And unlike any President before him, he appears to be making policy during unprepared remarks. “Taking over Gaza” is the most extreme example of this behavior… so far.
Still, in spite of this daily dose of “What did he just say?” the Dow Jones Industrials are near an all time high, up 5% year to date.
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The market seems to be most worried about tariffs, both implemented or proposed. So far they appear to be opening bids in a negotiation, such as those aimed at Mexico and Canada. But tariffs on Chinese imports would have a significant impact on our economy and so far those remain in place.
Foreign policy is also making investors nervous. We already mentioned Gaza, but then there’s buying Greenland from Denmark, and taking back the Panama Canal. More announcements or musings are sure to rattle the markets in the coming weeks and months.
However, the market remains in positive territory since the economy continues to grow and companies continue to report good results.
In his first term, Trump believed that his best report card was the stock market. So if “Trump Uncertainty” begins to pull stock prices down, he may moderate his behavior. Also, investors might get used to his style of governing—most of us can only be shocked so many times.
Best regards,
Daniel A. Ogden
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