Donald Trump: The Comeback King

Jeff Brummette, Chief Investment Officer

US President-elect Donald Trump is once again making headlines. Whether it’s his political aspirations, business ventures, or legal battles, Trump continues to shape the global conversation. Here’s the latest on the man who redefined the art of making a splash.

In his first interview since winning the 2024 US presidential election, President-elect Donald Trump spoke with Kristen Welker on NBC’s “Meet the Press”.

As expected, Trump spoke about his promise to pardon individuals convicted in connection with the January 6 US Capital riot, in a move likely to ignite further debate across the political spectrum. He also announced plans to remove the FBI Director Christopher Wray. Trump believes Wray has failed to address what he perceives as political bias with the FBI and favours Kash Patel, a former Trump administration official, as his preferred successor. This reflects his desire to consolidate allies in key government positions.

Trump also spoke about the need for immigration reforms, specifically mentioning his plans to end automatic citizenship for children born in the US to immigrant parents. It is not clear if he can do this by executive order and it will be challenged in the courts.

It was interesting to note that Trump indicated his acknowledgement that the Chair of the US Federal Reserve, currently Jerome Powell, cannot be dismissed on a presidential whim. This should reassure investors, albeit his comments around the deportation of undocumented immigrants could impact the US economy given the current tightness of the labour market. He disagreed that?tariffs were likely to be inflationary but said he couldn’t guarantee anything.

His interview didn’t give too much away in terms of new insight. Our view remains, that whilst market conditions are conducive to a strong rally for risk assets, we expect bouts of volatility as the market adjusts to Trump’s agenda.

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