The dollar tumbled in recent days, but analysts weren't pointing to weaker-than-expected U.S. inflation data on Friday.

Instead, they fingered a "Trump discount" as market-positive aspects of the administration's agenda appeared to be missing in action.

"A lot of people came into this year expecting a big stimulus from Trumponomics, potentially a big tax cut, infrastructure," Clarida told CNBC's "Squawk Box" on Monday. "And of course, we haven't got the tax cut, infrastructure is down the road and Congress is squabbling over health care. So some of the folks who really thought this would be a gangbusters year have been disappointed."

In other words, Donald Trump has not delivered on any of his main campaign promises. Next: A major correction on the stock market, erasing the so-called "Trump Bump" which is now seen as unjustified.