Though not tied to today’s data, today’s sentiments can shape tomorrow’s outcomes. And when markets become captive to sentiments, the threat of a “viral recession” emerges. Amid Trump’s election and a Fed under pressure and accused of partisanship by much of the public, uncertainties around growth, debt, and inflation are deepening in the U.S. The political and monetary choices of the coming years will not only determine macroeconomic stability but will also reveal whether institutions can withstand the volatility of public opinion.