How markets assess 3 buckets of Trump chaos

News Snapshot:

Washington, D.C., is in an uproar as President Trump's henchman Elon Musk rampages through the federal bureaucracy, firing thousands as he attempts to slim the government. Financial markets, however, seem unperturbed by Musk's so-called Department of Government Efficiency (DOGE). "Most of what Musk is working on is small in terms of total fiscal impact," economist Robert Embree of Rosenberg Research wrote in a Feb. 21 analysis. "The fiscal effects are small so far, and [investors] are waiting for Congressional action on the budget." A month into Trump's tumultuous presidency, the army of analysts trying to make sense of Trump's orders,...