Weโ€™ve had a lot of anger and complaint in the last few days about the stock market reactions to Donald Trumpโ€™s on-again-off-again tariffs with Canada and potential trade wars with Europe. Has the president forgotten why he was elected?

I donโ€™t think he has. CNN reported this morning that inflation for February 2025 was just 0.2 percent โ€” lower than expected. And the annual rate is now down to 2.8 percent.

Treasury Secretary Scott Bessent assured viewers of CBS last week, โ€œWe are in the process of deregulating, which will free the supply side, and we are cutting back the government spending.โ€ I think it may be true to say that the velocity of spending is in decline, even if overall commitments through entitlements remain high.

Itโ€™s too early to declare victory as an objective fact; inflationary cycles can last a long time, with many false dawns. But at least politically speaking, Trump is probably one or two more reports away from claiming political victory over inflation.