Markets are a real social publication since rise or drops 5% every day, according to the head of the Portfolio of JPMORGAN

• President’s social media publications It could be more important than real economic data, according to a Jpmorgan portfolio manager. Think: Trump’s publication announcing the 90 -day tariff period was promoted a securities market rebound, and his posts punished the head of the Central Bank spiral actions. However, the data also imports and moves the markets.

The market changes a feeling as a new normality.

But the President’s social media could have more impacts than real economic data, not too different from his first term.

“We are a real social publication away from raising or lowering 5% every day,” Bill Eigen, head of the Jpmorgan portfolio he said On Friday morning of the CNBC, before the April work report came out. “The data is almost secondary at this time.”

For example, stocks fell Last month, after President Donald Trump published that the end of Federal Reserve President Jerome Powell could not reach enough quickly and caused his criticism to the head of the Central Bank.

In order not to forget, the markets increased when it announced the 90 -day rate Grace period to talk about commercial agreements through their social networks. This followed whiplash similar after some of his previous publications on rates. Bloomberg informed Some investors have adopted a 72-hour standard for the President’s social media places, where they wait three days before they move to see if something is again.

In February, a study by JPMORGAN found that Trump sent fewer publications on the market than his first time. However, 10% of what he had published caused market movements and began to pick up -Reuters informed. The White House did not respond to a comment request; JPMORGAN did not comment anymore.

Before Trump was sworn, he was push coins through their social media messages. At the end of November of last year, after being re-elected, he brought to the social truth to tell everyone rates to Mexico and Canada: the Canadian dollar and the Mexican weight weakened against the dollar on the back of the threat a day later.

The uncertainty that surrounds Trump’s again fare policy has made the markets volatile since it was elected. However, it may not be all bad. Eigen, the head of the absolute return and opportunistic income team of Jpmorgan Asset Management, called “fun” in mid -April, and said he was sitting with liquidity. But there is probably more volatility ahead.

“The problem we encounter right now is that … the right path is very often the most tortured,” said Eigen. The administration wants to make commercial offers, “but it will be a tortuous path, and I do not think the market is well tortured,” he said.

To be clear, the data still move the markets. Heabing markets encouraged the best job report than expected to show employers hired constantlyAnd the unemployment rate was not modified.

The S&P 500 increased by 1.51%, the Nasdaq jumped 1.67%and the Dowry It increased by 1.38%, in the writing. On the other hand, markets kick In the news of the dirty domestic product it falls earlier this week.

This story originally presented to Fortune.com