Since Donald Trump returned to the White Home, American traders have acquired one shock after one other—so it actually takes one thing to get them to leap today. Bulletins that not way back would have been bombshells, such because the president deciding to levy a tariff of fifty% on copper or 30% on the European Union immediate a shrug. A uncommon exception got here on July sixteenth, when Mr Trump appeared to ponder sacking Jerome Powell, chair of the Federal Reserve, however even then the response was comparatively muted: a pop in Treasury yields and droop within the greenback. Mr Trump reversed course; enterprise bought again to regular. The next day American stockmarkets hit all-time highs.
