As stocks bounced to record highs last month despite threats from President Donald Trump’s trade policies, sticky inflation and a suddenly fragile economy, strategists theorized an invisible hand was at work: Trump’s.

The thinking was that the US president’s penchant for using the stock market as a report card meant any policy that rattled investors would cause him to quickly ditch the plans. Various Wall Street firms guessed how much pain Trump could tolerate in the S&P 500 Index before retreating. That index level became known as “the Trump put,” in reference to a put option.