Trump Threats, Fed Feuds Fail to Break Markets as Logic Prevails

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':"";if(a){var r=n.promos.showYahooLogo?"":"yns-no-logo";a=a.replace("{notifOnboardBtnLabel}",n.promos.notifOnboardBtnLabel).replace("{notifOnboardMsg}",n.promos.notifOnboardMsg).replace("{subscriptionTopic}",n.promos.subscriptionTopic).replace("{noLogoClass}",r).replace("{promoLogo}",n.promos.promoLogo)}var s=t.newCount>n.panel.maxCount?t.newCount:"",c=n.panel.notificationCenterPath,l=c?"":P,u=n.panel.headerMsg?"":" "+P,d=c?R:"",p=void 0;t.count?p=t.markup:p='{emptyPanelMsg}'.replace("{emptyPanelMsg}",n.panel.emptyPanelMsg);return e=e.replace("{notifMarkup}",p).replace("{promoMarkup}",a).replace("{hideClass}",l).replace("{notifCenterLink}",c).replace("{paddingClass}",d).replace("{headerMsg}",n.panel.headerMsg).replace("{hideHeaderClass}",u).replace(/{notificationCenterNavMsg}/g,n.panel.notificationCenterNavMsg).replace(/{newCount}/g,s)}},{key:"render",value:function(e,t){var n=this;if(n._panelNode){var o=void 0,i=n._panelNode,a=void 0,r=void 0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',r=n._store.getNotifications(),a=n._generatePanelMarkup(o,r),i.innerHTML=a;break;case"error_panel":a=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=a}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(D))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),U=function(){function e(t,n,o){L(this,e);var i=this;i._store=n,i._view=o,i._config=t;var 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Gt(e,o.submitSearchBtn,m(m({},Kt),{label:null!==(t=n.i18n.root.SEARCH_TOOLTIP_WEB)&&void 0!==t?t:"Search the web",containerClass:"".concat(jt.tooltip," ").concat(jt.tooltip__web),tooltipParentElm:o.clearSearchBtn.parentElement}))}));var Jt="_yb_tdk4ba",Vt="_yb_hkd17a",$t="_yb_rtzclf",Xt="_yb_tdbhj6",Zt="_yb_de52ef",Qt="_yb_9hwrey",en="_yb_slc8ta",tn="_yb_bf0svp",nn="_yb_hjic9z";be("ybar-mod-adaptivenav",(function(e){var t=document.querySelector("#ybar-l1-more-menu ul"),n={moreDropDown:document.querySelector(".".concat(Jt)),moreBtn:document.querySelector(".".concat(Vt)),wrap:document.querySelector(".".concat(Xt)),moreSectionTitle:document.querySelectorAll(".".concat(Zt)),editionsCtaBtn:document.querySelector(".".concat(Qt)),editionsMenu:document.querySelector(".".concat(en)),closeBtn:document.querySelector(".".concat(tn)),moreMenuDropDownHeight:t?"".concat(t.offsetHeight+48,"px"):"0"};new 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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>Denitsa TsekovaFri, Jul 18, 2025, 9:29 PM 4 min read(Bloomberg) -- Not long ago, Donald Trump could rattle Wall Street for days with a single post. Now, he threatens to oust the world’s most powerful central banker, and Treasury yields barely twitch. Stocks continue their steady climb. Haven assets hardly stir.Most Read from BloombergThe Dutch Intersection Is Coming to Save Your LifeWhy the Federal Reserve’s Building Renovation Costs $2.5 BillionMilan Corruption Probe Casts Shadow Over Property BoomMumbai Facelift Is Inspired by 200-Year-Old New York BlueprintHow San Jose’s Mayor Is Working to Build an AI CapitalThis quiet isn’t simply the result of summer trading lulls, it reflects something deeper. For all the political noise and recession warnings, the US economy refuses to buckle — and markets, against the odds, are behaving rationally.One way to see this is through the lens of cross-asset correlations: the degree to which equities, bonds, credit and commodities move in sync. That alignment — a fact of market life for the past three years as inflation and Federal Reserve policy monopolized headlines — has faded back to its 10-year average.Where high-yield bonds once tracked short-term Treasuries tick for tick, they now trade with greater independence. Equities have decoupled from interest rates. Gold has reemerged as a diversifier, detached from Treasuries and credit. And all this as a resilient corporate-earnings season gets underway.In financial terms, this is what a functioning economy looks like, one in which no single variable dominates. Correlations weaken when inflation no longer terrifies and traders focus on real-world fundamentals beyond policy machinations. Add in a view that Trump is bluffing on trade — and suddenly, markets aren’t obsessed with just one theme.“Despite all the macro anxiety, growth is stable and resilient so far, and rates volatility has subsided, so equity markets are more driven by idiosyncratic factors,” said Barclays Plc strategist Emmanuel Cau.Put another way, equities are responding to earnings, not broad economic concern. Risk premiums for corporate debt are reflecting balance sheets, not just central bank signaling. And that means markets aren’t ruled by fear, they’re showing internal logic.Investors’ capacity to tune out drama was on full display this week. Even as Trump lashed out at Fed Chair Jerome Powell and central bankers aired diverging views on rates, markets stayed calm. The S&P 500 rose 0.6%, logging a 17-day streak without moves over 1 percentage point in either direction. A long-duration Treasury ETF slipped 0.6%. Bitcoin hovered near record highs.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,296.79 -0.57 (-0.01%)Dow 3044,342.19 -142.30 (-0.32%)Nasdaq20,895.66 +10.01 (+0.05%)Russell 20002,240.01 -13.68 (-0.61%)VIX16.41 -0.11 (-0.67%)Gold3,358.30 +13.00 (+0.39%)PortfolioSign in to access your portfolioSign inTop gainersSTEM Stem, Inc. 13.50 +4.23 (+45.63%)TLN Talen Energy Corporation 328.63 +64.63 (+24.48%)CRSP CRISPR Therapeutics AG 65.13 +10.04 (+18.22%)IVZ Invesco Ltd. 19.92 +2.64 (+15.28%)SOC Sable Offshore Corp. 31.69 +3.35 (+11.82%)Top losersMLGO MicroAlgo Inc. 14.66 -3.12 (-17.57%)ARWR Arrowhead Pharmaceuticals, Inc. 16.76 -2.09 (-11.09%)MOH Molina Healthcare, Inc. 182.98 -21.27 (-10.41%)ELV Elevance Health, Inc. 277.09 -25.36 (-8.38%)STNE StoneCo Ltd. 13.67 -1.24 (-8.32%)Most activeLCID Lucid Group, Inc. 3.0400 -0.0800 (-2.56%)QS QuantumScape Corporation 14.64 +1.04 (+7.65%)NVDA NVIDIA Corporation 172.41 -0.59 (-0.34%)WBD Warner Bros. Discovery, Inc. 12.75 -0.09 (-0.70%)NU Nu Holdings Ltd. 13.02 -0.97 (-6.93%)Earnings eventsTrending tickersETH-USD Ethereum USD 3,639.96 +49.83 (+1.39%)LTC-USD Litecoin USD 112.07 +9.90 (+9.69%)S SentinelOne, Inc. 18.01 +0.29 (+1.64%)BTC-USD Bitcoin USD 117,950.76 -389.91 (-0.33%)DOGE-USD Dogecoin USD 0.25 +0.00 (+2.00%)Top economic events