As if on cue, Trump shows himself not to be a hardline Republican. Last night’s speech was surprisingly well received by both pundits and the public, with its toned down rhetoric and policy demands. I try not to pay much attention to swings in the market, but it certainly appears it was also well received by Wall Street. It doesn’t change any legislative realities and won’t reduce partisan sniping, but it was an important play for the public. Often what is seen of Trump is boiled down into a sound bite, framed by a broadcaster, or relayed completely through a third party. This offered an unfiltered in depth look at his presidential prerogatives and he focused on the most popular and positive themes. Will this be the man who is our president for the next four years? No. Don’t expect the Tweets and bombastic language to suddenly stop. Trump was playing to his audience and I don’t mean that in a bad way. It shows forethought, intelligence, and an understanding of the responsibilities of the President. This isn’t suddenly new behavior, but very reminiscent of many of his official announcements to the general public. From his election night victory speech to his YouTube addresses, he is far more toned down and seemingly serious. His inaugural was a bit heavy on the partisan rhetoric, but he looks to have learned that lesson in this speech. On the other hand, when he is talking to the press or holding rallies, he is combative and controversial. What does the general public want? Reliability and stability. What do partisans and the media want? Affirmation and controversy. How well he can thread the needle between these two competing expectations will be key to his success. So expect this moderated tone to be short lived, if not already over by the time I post this story. However, it is best to look at Trump’s speeches through the lens of their intended audience and interpret them from there. Just as you should discount the most outrageous statements at his rallies and press conferences, you should discount his supposed shift towards moderation of character.