Satyajit Das, Columnist

The Trump Rally Was Always Doomed

Conditions were never ripe for a new morning in America.

April 18, 2017 at 9:52 AM UTC

By Satyajit Das

Satyajit Das is a former banker and the author, most recently, of "A Banquet of Consequences."

Valuations didn't have much room to spike.
Photographer: Michael Nagle/Bloomberg

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The consensus view is that the Trump rally is over. The interesting question is why.

Stock prices are no longer rising. U.S. bank shares (up around 30 percent from late last year) have plateaued. The VIX Index, an indicator of volatility, has risen sharply, though it remains below historical averages. U.S. Treasury bond yields have fallen significantly, down around 0.3 percent from their highs in December 2016. Commodity prices have slumped.