Trump’s normalisation of market chaos can only go so far

2026-02-26 - 10:55

It is one of the oldest sayings on Wall Street, yet the adage “markets hate uncertainty” has never stood up to scrutiny. Like most maxims, it has a ring of truth but is a gross oversimplification. What is indisputable, however, is that for several decades investors took major economic, financial and political trends for granted. For a long period beginning in the 1980s, the world was relatively predictable. Many economists dubbed this era “the great moderation”. Others pointed to the impact of...