Those who took him seriously, however, and loaded up on US equities and the dollar, have been disappointed, as have buyers of Treasuries, who have even seen the haven status of US debt thrown into doubt.

The stock market’s lackluster performance under Trump only ranks ahead of the starts of Franklin D. Roosevelt’s terms in 1933 and 1937, during the depths of the Great Depression. It also outstrips both Ford and the start of Nixon’s second term in 1973, when the U.S. confronted another economic crisis in the form of stagflation.

The index is on track to end the first 100 days since inauguration down approximately 8%, marking one of its worst performances for a post-inauguration period.