Trump’s second act and the stock market

Five charts to start your day

You’ve heard the rumours, and so have the markets. Now that President Trump is getting ready for his second term, everyone’s asking what his big moves will be.

Investors have been on edge, wondering about tariffs, immigration, tax cuts and all the rest. They’re worried about extra borrowing and inflation, which could send shockwaves through the Treasury market. Bondholders are on watch for trouble – and if too many start selling, that could change the news fast.

Meanwhile, share prices are still riding high, with tech and finance in particular getting a boost. America First, right? But tariffs and immigration limits could make prices jump, which would put the heat on the US Federal Reserve to keep rates high. No one expects a sudden crash in bond markets, but cautious analysts say this is the moment to pay attention. After months of rumours, the real test is about to begin.