Recent political chaos has caused few ripples in mostly tranquil financial markets, and that’s unlikely to change in the near term.

The first six months of Donald Trump’s presidency have not created the predictable environment most market participants want from Washington, D.C., but U.S. equities have continued on an eight-year bull run almost unabated, according to Greg Valliere, because most of the bad news is irrelevant to investors.

“We have to be mindful of how truly good the fundamentals are,” says Valliere, chief global strategiest at Charlotte-based Horizon Investments. “Most of these headlines—transgender policies in the military, for example—may be embarrassing to the president, but they aren’t things that will move the markets.”

Valliere says the barrage of negative news about the White House, whether it be the ousters White House Chief of Staff Reince Preibus, Communications Director Anthony Scaramucci or Press Secretary Sean Spicer, or the president’s moves on international climate change policy and trade, isn’t enough to disrupt positive investor sentiment.

Valliere believes only three issues are serious enough to cause a reversal in financial markets: tax reform, North Korea and the investigation into potential collusion between Trump’s campaign and Russia.

After repeated failed attempts to reform and repeal the 2010 Affordable Care Act slowed the legislative process through the first half of this year, Valliere believes that action to reform the corporate and individual income tax codes will not take place until next year.

“Time is probably going to run out on tax reform this year,” he says. “It will probably be well into the spring before we get a tax reform passed, and it will be a fairly modest one.”

Markets have already priced in some tax reform, says Valliere, making another legislative failure potentially costly for investors.

North Korea, which has accelerated the development and testing of intercontinental ballistic missiles in recent months, might also cause disruption in the markets. While Valliere expects that North Korea will continue its weapons programs and its defiant stance towards the international order, he’s more concerned with the Trump administration’s diplomatic stance towards China.

“Trump is becoming more aggressive towards China, blaming them for not leaning on North Korea,” he says. “I worry about Trump maybe imposing sanctions against China. If that happened, China would almost certainly retaliate, and the markets would not be pleased.”

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