Since the late 1890s, roughly three-quarters of all presidential terms have overseen stock market gains. But under President Donald Trump's two non-consecutive terms, the time-tested Dow Jones Industrial Average ( ^DJI -1.23% ) , benchmark S&P 500 ( ^GSPC -0.52% ) , and tech-driven Nasdaq Composite ( ^IXIC -0.21% ) have generated average annual returns higher than under most other presidents over the last 130 years.

While investors have come to appreciate Trump's Tax Cuts and Jobs Act, which lowered the peak marginal corporate income tax rate from 35% to 21% and spurred record S&P 500 share buybacks, not everything the president has done has benefited Wall Street.

A couple of President Trump's policies are fueling inflation (rising prices), prompting Fed Chair Kevin Warsh and the Federal Open Market Committee (FOMC) to kick off just the fourth rate-hiking cycle of the 21st century.

President Trump has been feuding with the Fed since his second term began.…