When Mr. Trump was elected President, I cautioned against panic (although I was feeling some of it myself). I wrote the vibrancy of the global economy and the securities markets that reflect it transcend any U.S. administration and its policies. Privately, I remember thinking that even though that might be true, a Trump administration would almost assuredly create chaos and an increase in short term market volatility.
But that didn’t happen – at least not right away. Instead, the markets focused on an improving economy both in the U.S. and abroad and yielded a banner year in 2017. So far, the narrative for 2018 is different, and yes, Trump is finally causing the economic and market chaos I feared.