Markets want to price in TACO. But TACO only works if Trump sees stocks tank.
So we get a loop: Trump does things → nothing happens (markets already priced in TACO) → that emboldens him to do more → until markets start to think he might not TACO → stocks fall → TACO is restored.
Markets want to price in TACO. But TACO only works if Trump sees stocks tank.
So we get a loop: Trump does things → nothing happens (markets already priced in TACO) → that emboldens him to do more → until markets start to think he might not TACO → stocks fall → TACO is restored.
Helpful just seeing it all laid out on one page.
Kei Chin, @mjbeckel.bsky.social for @issueonereform.bsky.social
Helpful just seeing it all laid out on one page.
Kei Chin, @mjbeckel.bsky.social for @issueonereform.bsky.social
www.nytimes.com/2026/01/15/o...
www.nytimes.com/2026/01/15/o...