On Tuesday evening, rested and relaxed from a 10-day vacation that included 7 days of golf, Donald Trump took to Twitter to needlessly antagonize a capricious despot with a nuclear arsenal. Responding to North Korean dictator Kim Jong Un’s New Year’s Day address, wherein the leader of the Hermit Kingdom noted that he has a “nuclear button” on his desk and the capability to strike “the entire area of the U.S. mainland,” the world’s most deliberate, self-possessed reality-TV-show host-turned-president told his followers:

In a prior age, the president essentially threatening to nuke a country where asking whether its dear leader really learned to drive at age three could land you in front of a firing squad would merit some response from Wall Street and the global markets. But in this case, investors were apparently unmoved by the fact that Trump instigated the nuclear-weapons version of a pissing contest. Though the VIX, a.k.a. Wall Street’s “fear gauge,” was up slightly, the Dow, S&P 500, and NASDAQ all hit record highs before closing out at 24922.68, 2713.06, and 7065.53, respectively. How to account for investors’ breezy, carefree attitude about the risk of Armageddon? For starters, it could have something to do with the fact that it’s widely known that the red button on Trump’s desk does not actually initiate nukes, but rather alerts someone on staff that he needs another Coke. But according to Timothy Ash, a senior strategist at BlueBay Asset Management, the lack of distress likely has more to do with the fact that investors have come to regard the president as a complete blowhard whom they muted long ago.

“They don’t really think Trump is serious, or hope and trust that the adults in the room ([Secretary of Defense James] Mattis, [National Security Adviser H.R.] McMaster, [Chief of Staff John] Kelly) will constrain him,” Ash told me. Noting that there are “few military options” for the U.S. when it comes to North Korea, he added that even those with a front view of the drama seem relatively unconcerned. “Look at how Korean markets have behaved,” he told me. “They are up close and personal, and the Won has been sanguine in response. I think they perhaps think [that] even Trump cannot be that stupid to provoke war on the Korean Peninsula.”

In addition, Ash noted that “we all expected huge geopolitical problems in 2017 under Trump, but relatively little happened. He was brash and bigmouthed, but did little—apart from waste a few expensive Tomahawk missiles on some empty buses at an air base in Syria . . . The reality is: there is no foreign policy under Trump.” On the other hand, as an administration insider told Axios on Wednesday: “Every war in history was an accident. You just don’t know what’s going to send him over the edge.” Sleep well tonight!