One month in, Wall Street’s view on Donald Trump is evolving. Guest host Nancy Cook, Bloomberg’s senior national political correspondent, speaks with chief Wall Street correspondent Sridhar Natarajan and finance reporter Hannah Levitt about how finance executives are feeling now.

“There is still broadly this palpable optimism,” says Levitt, “but it’s a bit more caveated.” Levitt and Natarajan explain those caveats, discussing what the likelihood of higher volatility throughout Trump’s second term means for the bottom lines of big Wall Street firms and unpack why a deregulatory agenda might have unforeseen consequences.

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On the campaign trail, Donald Trump promised to end Russia’s war on Ukraine in a day. Weeks into his presidency, that hasn’t happened. Now his decision to start negotiations with Kremlin leader Vladimir Putin while demanding Europe bear the brunt of future aid to Ukraine has been met with shock—but not surprise.

In a bonus episode of Trumponomics, recorded at the Munich Security Conference in Germany, we discuss the cost of Trump’s about-face on American commitments and whether a continent beset by fiscal constraints and political division can go it alone. Alberto Nardelli, Bloomberg’s correspondent-at-large for Europe, and Antonio Barroso, senior geoeconomics analyst for Europe at Bloomberg Economics join host Stephanie Flanders.

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Bill Dudley, a Bloomberg Opinion columnist and former New York Federal Reserve Bank president, and Bloomberg Economics Chief US Economist Anna Wong join Stephanie Flanders to discuss the Treasury secretary’s plan to reduce the deficit and its collision with economic reality.

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