All-Time High in US Stock Market Fails to Boost Public Morale: Trump's Approval Rating Hits All-Time Low, Republican Base Wavering

**January 22nd — Even as U.S. stocks posted steady gains in the first year of Donald Trump’s second term, his political approval has sharply dropped.** A latest *The Economist* and YouGov poll shows Trump’s current approval rating stands at just 37%, with a disapproval rating of 57% and a net approval of -20% — marking a new low in his second term. Of concern is intra-party unrest within the Republican Party: internal support for Trump has fallen from 88% to 79% in just one week. Most voters cite tariff hikes fueling inflation and rising living costs as their top grievances; 69% of respondents say tariffs directly drive up household spending. On monetary policy, the public trusts the Federal Reserve far more than the White House: 44% of voters trust Jerome Powell to set interest rates, while only 18% trust Trump — highlighting widespread concerns about White House meddling in monetary policy. Geopolitical issues are also weighing on public sentiment. Most voters oppose moves like attempts to buy or seize Greenland by force, as well as military action against Venezuela. Analysts note the stock market’s strong performance has not translated into political capital, with price pressures and diplomatic uncertainty emerging as core reasons for Trump’s declining approval.