The "Trump TACO trade" (Trump Acceding to the COmpany/market) has driven risk assets higher since April, based on the expectation of a dovish Fed chair appointment under a Trump presidency. However, this insight suggests that once a Trump-appointed Fed chair materializes and cuts rates, it could signal the end of this bullish catalyst. Investors should consider the potential for a market re-evaluation once this anticipated event occurs, as the current "backstop assurance" may dissipate.