⏺️ Is the market no longer afraid of Trump? $TRUMP

The sensitivity of the S&P 500 index to Trump's trade statements has sharply decreased since April.

Investors are increasingly betting that:

— tariff rhetoric is a negotiating game;

— real actions may be softer than words.

Data from FactSet and 22V Research shows:

the share of market fluctuations explained by the tariff theme has fallen below the 4-year median — the first time in several months.

Conclusion: the market has adapted to 'volatile rhetoric'.

But this could be the calm before the next wave.