Source: Bloomberg

President Trump has done one notable thing in his first 100 days: The S&P 500’s “fear index” (the VIX index of implied volatility on near-term index options) is at its lowest level since 2014.

That sort of thing happens when the market doesn’t fear an external shock — an, unexpected move by the Federal Reserve, for example, or some untoward event in Washington. Investors, that is, are much more relaxed about the Trump Administration than the financial press, which is mainly composed of journalists who don’t like Trump and which has to find a reason to be read several times each day.