Not long ago, markets would have lurched if a president threatened to impose tariffs, attack a foreign nation or compromise Federal Reserve independence. Since Donald Trump’s return to office, though, traders have been buying on these threats and cashing in when they don’t come to pass.

On today’s episode of the Big Take, Bloomberg Opinion’s John Authers and columnist Robert Armstrong of the Financial Times – who coined ‘Trump Always Chickens Out’ – join host David Gura to discuss the latest TACO trading statistics and what happens when financial markets have muted reactions to White House headlines.

Hosted by David Gura; Produced by David Fox; Reported by John Authers and Robert Armstrong; Edited by Jeffrey Grocott.

Fact-checking by Eleanor Harrison-Dengate and Rachael Lewis-Krisky; Engineering by Katie McMurran.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.