The Warsh-Trump Honeymoon Is Officially Over. No Matter What Happens Next, the Stock Market Will Probably Lose

The stock market has spent much of 2026 climbing a wall of optimism. The S&P 500 rallied on expectations of lower taxes, lighter regulation, continued artificial intelligence spending, and the belief that monetary policy would eventually become more supportive. Yet markets rarely move in a straight line. The latest challenge isn’t corporate earnings or economic ... The Warsh-Trump Honeymoon Is Officially Over. No Matter What Happens Next, the Stock Market Will Probably Lose