The New York Times

The Stock Market Is Weirdly Calm. Here's a Theory of Why.

When Donald Trump won the presidency in November, one bet seemed like a sure thing: We were in for a volatile few years. And in Washington, that forecast has come true. This unconventional presidency is creating an avalanche of uncertainty in areas including global trade, taxes and health care.

But on Wall Street, these are the quietest of times. Prices for stocks and many other assets are less volatile than at any time since before the global financial crisis a decade ago, and volatility is, by some measures, near record lows.

Consider this: In 2015, the Standard & Poor’s

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