Donald Trump’s former adviser, Steve Bannon, once described the US president’s media strategy as “flood the zone”. In other words, inundating the public with information to distract, confuse, and deter scrutiny.
Is this tactic affecting the stock market too?
In a stable policy environment it is easier for investors to value equities as economic fundamentals — including demand, costs and rates — can be projected with some confidence. However, Trump’s widespread protectionist agenda has pushed uncertainty towards all-time highs, according to the US economic policy uncertainty (EPU) index, which aggregates newspaper mentions of key terms.
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