An interesting paradox has been unfolding in U.S. markets over the past few months. Stock indices are rising, while the political approval rating of the country’s top person is falling. It sounds strange, but that’s exactly what we’re seeing right now.

Based on the latest polls by Economist and YouGov, the approval situation is becoming increasingly tense. Trump’s rating has fallen to 37%, while disapproval has reached 57%. This means a net rating of minus twenty percent—a new low during his second term. The figures speak for themselves.

Even more telling is that a split is beginning even within his own party. Support among Republicans has fallen from 88% to 79% in just a week. This is a signal of serious internal divisions.

Where do the roots of this dissatisfaction lie? Most voters associate the problems with tariff policy. Sixty-nine percent of respondents directly say that tariffs increase their personal expenses and the cost of living. This is tangible—it concerns people’s wallets.

Another point that struck me is that when it comes to trust in matters of monetary policy, people believe the ФРС more than the Белый дом. Forty-four percent trust Federal Reserve Chair Jerome Powell on interest rate issues, while only eighteen percent trust Trump. This reflects deep distrust of attempts to interfere with monetary policy.

Add to that geopolitical adventures—ideas about Greenland, talk about Venezuela—and it becomes clear why Trump’s rating isn’t growing. Most voters are against such moves.

It turns out that the stock market boom isn’t turning into political capital. Index growth and falling approval ratings coexist. Price pressures, inflation concerns, and diplomatic uncertainty—these are what truly worry voters, despite the good numbers on Wall Street.