If you didn’t know, going in, that the Trump Presidency was going to be defined by broken promises, then I’m not entirely sure you were keeping a list of the promises.
After all, we’re talking about a list that included i) building a wall along the entire border with Mexico, ii) banning an entire religious group from the country, iii) not just overhauling the entire health care system, but overhauling it from the ground up by repealing Obamacare, iv) not only reversing the decline of US manufacturing, but in fact ushering in a domestic manufacturing renaissance on the way to bankrupting the Chinese.
So you know, if you’re wondering what the fuck happened, that’s on you.
Meanwhile, Trump likes to point to record high stock prices like it’s something he did (even though, ironically, record high stock prices are the product of the very same policies that Trump said Yellen should “be ashamed of herself” for last September).
And he also likes to point to strength in the labor market like that too is something he did (as if unemployment was running at 9% when he took office and it suddenly plunged below NAIRU on the sheer strength of his machismo).
Take this for instance, from Monday morning:
So in a tribute to Trump and his effect on markets, do recall what he told WSJ on April 12:
I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me.
Well if that was indeed the case – i.e. if we’re going to use the dollar as a real-time indicator of the world’s “confidence” in Trump – then it’s safe to say that “confidence” is plunging, because DXY is down nearly 7% since the President uttered those words…
…and hasn’t had a winning month since…