The Next Phase of Trumpflation Has Arrived, and It's Terrible News for the Federal Reserve and Wall Street

Key Points Although the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite have soared under President Donald Trump, persistently elevated inflation threatens these gains. Two of President Trump’s policies have been pushing consumer prices higher throughout 2026. Evidence is mounting that Trumpflation (inflation driven by President Trump’s policies) is evolving. The more entrenched Trumpflation becomes, the worse the outlook for equities. 10 stocks we like better than S&P 500 Index › Despite short-lived periods of historic volatility under President Donald Trump, few presidents over the last 130 years have overseen higher annualized stock market returns. During Trump's first term (Jan. 20, 2017-Jan.