The booming economy suddenly looks vulnerable. An unpredictable trade war with China is injecting huge amounts of volatility into an already volatile system. Sharp stock market plunges affect Trump’s psyche, sources close to Trump say. He often asks aides: “What’s the Dow doing today?” A former administration official told Axios that Trump always needs a simple metric to use to brag about his performance. During the 2016 primaries it was the polls. When polls were no longer good for him, he replaced them with the booming stock market. Now that previously trusty measure of success is no longer boast-worthy. Trump still has impressive GDP and employment numbers to call on, but forecasters see trouble ahead.

Staffing remains a problem — just as Democrats are about to take control of the House, imposing massive new demands on the West Wing. The White House Counsel’s office lacks firepower to defend Trump against an investigatory onslaught. And nobody, besides Trump, is empowered to be in charge of this West Wing. Senior officials have long viewed Kelly as living on borrowed time; Trump has long been fed up with him. Trump is also unhappy with some key Cabinet officials, and is eager for a reshuffle in the new year.

Robert Mueller appears to be concluding his investigation.