President Donald Trump has long touted his love for the stock market and how strong stock prices reflect a robust US economy.

Yet in his second stay in the White House, he's been posting less about stocks.

JPMorgan strategist Antonin Delair studied 126 social media posts from Trump (mostly on Truth Social) since Election Day and found mentions of the stock market have mostly "disappeared." In his first term, Trump was "continuously" posting on positive US economic developments, such as lower unemployment, a higher stock market, or the creation of a new factory in a state, noted Delair.

This time around, the president is more keen to share hot takes on the debt ceiling, government spending/efficiency, or tariff benefits.

Out of 23,073 tweets in his first term, 156, or 57%, mentioned a strong stock market performance, per Delair. Since his reelection, Trump has mentioned the stock market only once on social media.

Delair's work aimed to assess the impact of Trump's posts on the foreign exchange market. Only a small fraction of these posts, or 10% of the total 126, have been FX market movers.

"Hawkish tariff posts can trigger a broad dollar rally, but the dovish ones (tariff delays, for instance) impact mostly the concerned currency," Delair said.

Perhaps it makes sense that despite a stock market nearing a record, other matters are occupying more of Trump's social media time.

The US budget deficit swelled to $1.83 trillion in fiscal year 2024, the highest amount outside of the COVID-19 period. Interest on federal debt exceeded $1 trillion for the first time.

The deficit last rose 8%, or $130 billion, from the prior year. That level marked the third-highest federal deficit in US history.

Enter the Elon Musk-led DOGE .

The Tesla ( TSLA ) CEO and his DOGE team have been running roughshod through government agencies, aiming to cut jobs and programs it deems wasteful for the taxpayer.

"I think this is critical for us," Salesforce ( CRM ) co-founder and CEO Marc Benioff told me regarding DOGE . "We have to get to a balanced budget faster. This must be a bipartisan issue. This is not a Republican or Democratic issue. It's an issue that has not been as strongly embraced by the last several presidents."

While this is happening, Trump is shaping a tariff policy that may come to define the next four years of his presidency.

The administration has already levied a 25% tariff on all imported steel and a 10% tariff on Chinese imports on top of existing duties. China retaliated, placing tariffs on select chips and metals.