At present, a subtle point in the market is that everyone knows Trump is very TACO, so TACO itself may be a risk. Last time, Trump said that it would not blow up Iran in the blink of an eye, which is a small test of anti TACO. A person with such good face as Trump may show weakness in the future in areas where he is very confident. When the market thinks that he is TACO again, he suddenly becomes very tough to recharge his reputation. Once Trump takes tough measures, the market may fluctuate violently. Although Trump does not have any way to deal with Powell legally, he has really been using out of the box tactics, whether it is the shadow chairman of the Federal Reserve or releasing his staff to attack Powell crazily. For example, Navarro just criticized Powell for making a big mistake for the third time and called for an immediate interest rate cut in July. The Federal Reserve's interest rate cuts have two dimensions of impact on the market: one is the management of expectations, and the other is the reduction of social operating costs caused by the decrease in real interest rates. The Trump team's hype about the shadow chairman can adjust expectations and take away the false part, and the real part can be partially solved through the implementation of the Great Beauty Act and the Stable Currency Act. This move of one yin and one yang has actually released/overdrawn the benefits brought by interest rate cuts in advance, smoothing out the cyclical volatility.