Wall Street analysts are signaling that all this drama contains serious risks for the bond market, the dollar, and U.S. assets generally. If Trump gets his way, and U.S. monetary policy ends up being run by people who will do what he wants—as opposed to maintaining full employment and low inflation—then expect investors to recoil.

Wall Street’s major averages ended Wednesday mostly lower, paring back some of the session’s earlier steep declines as investors weighed the Federal Reserve’s latest meeting minutes. Falling the hardest was the tech focused Nasdaq Composite (COMP:IND) as it closed in the red by 0.