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JPMorgan launches 'Volfefe Index' to track market impact of Trump tweets

JPMorgan Chase & Co. launched the "Volfefe Index," which aims to track how President Donald Trump's tweets impact markets.

The banking giant said since late 2018, the president has increased his overall Twitter activity, including tweets it classifies as "market-moving" — those followed by a movement in 10-year Treasury yields of at least a half basis point within five minutes of publication. Those tweets have focused primarily on trade and monetary policy, JPMorgan said.

The bank said among those market-moving tweets, Trump mentioned the word "China" the most, followed by the words "billion," "products," "Democrats" and "great." The words "tariffs," "farmers" and "trade" were also frequently used by Trump.

JPMorgan noted that "in recent months these tweets also tend to receive fewer likes and retweets than other contemporaneous remarks." The bank also said that a large portion of Trump's heightened Twitter usage is due to "an increased propensity to retweet others."