FT News Briefing Swamp Notes: Trump’s next 100 days
100 snips
May 24, 2025 
Katie Martin, a markets columnist and co-host of the Unhedged podcast, teams up with Chris Giles, author of the Central Banks newsletter, to discuss Trump's upcoming 100 days in office. They explore how markets are reacting post-'liberation day' and the potential fallout from the nearing end of the 90-day tariff pause. The duo dives into the impact of inflation on voter sentiment and Trump's political strategy as the midterms approach. They even lighten the mood by sharing personal escapes like gardening and football, adding a touch of nostalgia.
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Unpredictable Early Months
- The first few months of Trump's second term were unpredictable and chaotic beyond expectations.
- Investors had to operate cautiously, encountering unexpected challenges repeatedly.
Medieval Court Politics
- Trump's administration functions like a medieval court with power battles rather than steady policy-making.
- Congress has been notably feeble, leaving Trump’s decisions more arbitrary and rapid.
Trump's Bluffs and Market Reactions
- Trump's extreme tariff and Fed chair threats caused market volatility but he often backtracks.
- Markets now treat his threats as bluffs, a phenomenon called the 'taco trade.'