Markets are one Truth Social post from being up or down 5% every day, JPMorgan portfolio manager says 

• The posts on the president's social media It may be more important than the actual economic data, according to a JPMorgan portfolio manager. Consider: Trump's post announcing the 90-day tariff Grace Period fuel a stock market rebound, and his posts punishing the head of the central bank has sent spiraling shares. However, data is important and also moves in markets.

Market swings kind of feeling like a new normal.

But the president's social media may be more affecting than the actual economic data, not very different in its first term.

“We are a social reality post far from being up or down 5% day -day,” JPMorgan portfolio manager Bill Eigen Says On CNBC Friday morning, before April's work reports. “The data is almost second to this point.”

For example, stocks Fall Last month after President Donald Trump posted that the end of the federal reserve chair Jerome Powell could not have quickly arrived and had raped his criticism of the head of the central bank.

Not to mention, markets moved forward when he announced the 90-day Tariff Grace period to discuss trade deals through his social media. It followed the same whiplash after some of his earlier posts on tariffs. Bloomberg reported Some investors have adopted a 72-hour rule for the president's social media posts, where they wait three days before making moves to see if he is walking back.

In February, a JPMorgan study found Trump sent fewer posts that move the market than his first time around. However, 10% of what he has posted has caused motions in the market, and it begins to pick up, Reuters reported. The White House did not respond to a request for comment; JPMorgan has not commented yet.

Before Trump swore, he pushed the money around through his social media messages. In late November last year, after he was re-elected, he took the social reality to tell everyone the tariffs in Mexico and Canada would come-the Canadian dollar and the Mexican peso weakened against the dollar behind the threat a day later.

The uncertainty surrounding Trump's on-again, off-again tariff policy has been a volatile market since he was elected. However, probably not all bad. Eigen, the leader of the full return and opportunist fixed income team at JPMorgan Asset Management, called Mid-April “Fun,” and said he was sitting in liquidity. But maybe more volatility ahead.

“The problem we're talking about today is that … The right path is often the most difficult,” Eigen said. The administration wants trade deals to be done, “but it will be a torture path – and I do not think the market is highly oppressed,” he said.

To be clear, the data is still moving in the markets. Stock markets have strengthened better than the expected job report that showed employers to receive continuously, and the unemployment rate did not change.

The S&P 500 rose 1.51%, Nasdaq jumped 1.67%, and Dow rose 1.38%, in writing. On the other hand, markets have fallen to the news of the Gross Domestic Product drop earlier this week.

This story was originally featured on Fortune.com