Trump Has Lost the Confidence of Investors

President Donald Trump likes to equate the rally in stocks since the November 2016 elections with confidence in him and his policies. And yes, the S&P 500 Index has surged 22 percent since then -- but a deeper look at equities, bonds and the dollar reveals anything but trust in his stewardship.

Here’s the executive summary: U.S. companies are valued less now than before Trump was elected, despite the run-up in stocks, big corporate tax cuts, reductions in regulations, and booming earnings. The cost to borrow for the U.S. has soared relative to other governments, a sign investors are worried about America’s creditworthiness. The dollar’s share of global currency reserves has dropped by the most since 2002.