There have been a lot of attempts recently to try and discern how much of the blame for falling yields and the flagging dollar can be placed at the feet of the man who they let do it only because he’s a star, Donald Trump.

What makes these efforts so amusing is that some of them center around trying to explain how the dollar isn’t really a measure of the world’s confidence in Donald Trump. Of course as is the case with almost all arguments aimed at defending Trump, that contention has been vociferously refuted by none other than Donald Trump. Recall this from an April interview with WSJ:

I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me.

So either Trump is a genius and has been fucking up at every turn intentionally in a behind-the-scenes effort to engineer the kind of dollar weakness he always wanted by way of feigned buffoonery, or else he’s fucking up by accident and the dollar has a been a casualty.

You can draw your own conclusions there, but it is worth noting that as long as he doesn’t tweet anything crazy for the rest of the day, the dollar looks like it mike eke out a gain this month for the first time since Trump explained how we should use the greenback to measure “people’s confidence in me.”

Well in the same vein, Goldman is out with a piece on Thursday that implicitly asks the same question Cameron Crise asked on Wednesday. Namely: is all the bad news now priced in? For those who missed Crises’s post, here’s an excerpt:

To be sure, the risks sketched out in the earlier column remain, and they are one of the reasons that it makes sense for the market to price less tightening than the Fed projects in their infamous dot plots. That’s particularly the case given the uncertainty over who will lead the Fed in 2018 and beyond. Still, the gulf between “pricing less than the dot plot” and “pricing almost no tightening” is still pretty wide.