Normally I would say a president’s and administration have an overstated effect on the market especially in the long run, but Trump and Trump administration over the last few weeks has continually spooked the market with their attempts to stabilize it. For one Trumps anti Fed Powell tweets about raises in interest rates created a perspective that a raise (which was a foregone conclusion) was the most terrible thing, so when things go as expected and even despite of a more dovish fed outlook going forward, markets take it as a bad sign even though it’s a sign of underlying strength, then the reports of possibly firing Powell come out, which didn’t help create an aura of stability. To add to the comedy of errors, Mnuchin comes out and says they are ensuring the credit markets are sound which only added to the uncertainty and doubt. It seems that a hands off approach was better suited, the heavy handed attempts to boost the market seem to have had the opposite effect. This isn’t even touching on the trade war stuff from earlier.

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