How markets assess 3 buckets of Trump chaos

Washington, D.C., is in an uproar as President Trump’s henchman Elon Musk rampages through the federal bureaucracy, firing thousands as he attempts to slim the government. Financial markets, however, seem unperturbed by Musk’s so-called Department of Government Efficiency (DOGE). “Most of what Musk is working on is small in terms of total fiscal impact,” economist Robert Embree of Rosenberg Research wrote in a Feb. 21 analysis. “The fiscal effects are small so far, and [investors] are waiting for Congressional action on the budget.” A month into Trump’s tumultuous presidency, the army of analysts trying to make sense of Trump’s orders,…