Without warning, 'Trumpflation' has lost all of its power. In the wake of Donald Trump's US presidential election victory in November 2016, financial markets acted like a bull seeing red. Stock prices soared and bond interests climbed. This is the Trumpflation, which is now subsiding, and it is Trump himself that is causing this.

Previously, financial markets around the world hoped that Donald Trump's first press conference, last Wednesday, would shed