Chart Of The Day: Asset Prices In The Trump Era

One theme that comes up in almost every conversation one cares to have about markets these days is whether and to what extent the "Trump trade" has been unwound or otherwise faded. Indeed, the idea of the "Trump trade" has become so ubiquitous that it's taken on an increasingly amorphous character (as things that become ubiquitous tend to do). That is, what the fuck is a "Trump trade," really? We used to know. It was "reflation." It was a steeper curve or, more generally, rising yields. It wa