Trump's stock market surge faces a critical test from the Federal Reserve's internal discord. While President Trump's policies fueled a remarkable 57% rise in the Dow, 70% in the S&P 500, and 142% in the Nasdaq during his first non-consecutive term, the Fed's stability is now questioned. FOMC dissents in opposite directions during October and December meetings signal deep policy rifts, undermining the central bank's traditional calming influence. Jerome Powell's departure as chair on May 15, 2026, adds uncertainty, with potential Fed balance sheet changes looming. The Shiller P/E ratio confirms the market's extreme valuation, second only to history, leaving little margin for error before the Fed becomes a stock market liability. This internal Fed turmoil could abruptly end the Trump bull market.