Trump's Jawboner-in-Chief act coming back to markets
Jawboner-in-Chief is back.
During his first term, Donald Trump's incessant tweets were a must-read for Wall Street types, whether they liked it or not. He would crow when the stock market went up, blast Federal Reserve Chair Jerome Powell when it went down («Where did I find this guy Jerome?»), bully CEOs who irked him and threaten to slap tariffs and sanctions on countries around the world.
Anytime, day or night, policymaking via Twitter — which has been rebranded as X — became the norm, hacked out in staccato bursts to his millions of followers. These musings would often trigger sudden market swings, upending in the process the work and sleep schedules of traders and investors across financial markets.
«I remember being perpetually on edge that something could happen at any time,» said Steve Sosnick, chief strategist at Interactive Brokers, of Trump's first term.
Now with Trump storming back to reclaim the White House after Tuesday's vote, Sosnick and the rest of Wall Street are bracing for a redux of it all, with posts on his Truth Social platform and more. That's because no president in modern history intertwined his fortunes so closely to the financial markets. Nor has any leader of the free world so publicly made rising stock prices such a crucial barometer of his success.
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