⚠️Trump's 2.0 Volatility Tops First Term: Cable FX Macro

• I'm borrowing data from a Bloomberg columnist as he arranged the table below showing CBOE's VIX statistics across Dem and Rep Presidential terms. The reason I share these is for educational purposes only. While Cameron Crise's point was to show that volatility has no respect for political parties, I am bringing to you the fact that Trump's second term has been by far the most volatile.

• The historic chart below shows the VIX's first half of the year during Trump's 1.0 (white) first days in office vs Trump 2.0 (red). Crise's table shows that on average, Trump's second term in office has topped by far any other U.S. presidential term.

• At only 6 months in Trump 2.0, one has to wonder what else is next? Despite the volatility spikes, carry trades seem to be playing out while NVDA makes a fresh record and the S&P 500 Index closes the gap to its YTD highs.