Markets care about real political change, not so much politics,” said Lauren Goodwin, economist and chief market strategist at New York Life Investments, in an interview. “Another way of putting it is that that the trades we think are more durable are those that are backed up by broader economic themes.”

Trump’s victory has investors penciling in stronger economic growth, partly due to expectations for tax cuts and deregulation, lifting stocks. It has also sparked fears of resurgent inflation, lifting bond yields. But it’s important to note that those market moves are also what an investor would expect given resilient economic data and inflation data that’s been coming in a bit hotter than expected.

As Paul Christopher of Wells Fargo Investment Institute told MarketWatch shortly after election day, the Trump trade “is working in the same direction of the dominant trend.”

This week’s jobs data may have something to say about that trend.