Trump’s apparent acknowledgement on Fox News that his policies, including tariffs, could cause a period of “transition” for the economy was also disturbing – since it appeared to indicate that short-term pain is in the offing and that he is prepared for a country weary of high prices for groceries and housing to endure it.

The president and his economic officials have indicated they are willing to endure short-term pain to reshape America’s economy.

Buybacks have historically been an ace in the hole for companies looking to generate stock gains during lean times.