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A number of traders are learning to tune out President Trump's rhetoric: The value of the dollar is up today despite Trump's claim that the greenback is "too strong," and pharmaceutical shares are up since his inauguration despite a vow to crack down on high drug prices.

Expand chart
Data: Money.net; Chart: Andrew Witherspoon / Axios

Reversals: The dollar has rallied by 0.43% today, and the Mexican peso has recovered much of the value it lost between Trump's election and his inauguration; since Jan. 20, the peso is up 15.5%. The PowerShares Dynamic Pharmaceuticals ETF, meanwhile, has gained 8.2% since inauguration day, compared with a 4.8% rise in the S&P 500.

Why it matters: Some traders are separating rhetoric from action, and may be scaling back their expectations of how much of the president's agenda will be enacted.

The exception: Bond markets appear to take the president more seriously. Trump has stated a preference for low interest rates, and the yield on the 10-year T-note has fallen 1.75% over the past two trading days.

Go deeper

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

15 hours ago - Politics & Policy

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

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