At least for now, the U.S. stock market is on board with President Donald Trump’s increasingly aggressive use of executive power

Economics textbooks insist that stock prices reflect the future stream of a company’s profits on any given day. For all the brainpower devoted to these forecasts, however, they are essentially rough estimates of what may happen over the next twelve months and wild guesses about anything after that.

Also in today’s newsletter, US president deploys national guard in Washington and European weapons production surges