Among the “Big Four” financial institutions, Bank of America Corp (NYSE:BAC) is the toughest nut to crack. JPMorgan Chase & Co. (NYSE:JPM) has the security of knowing it’s the lone, alpha dog. Citigroup Inc (NYSE:C) is this year’s sector winner, driving to a 20% year-to-date lead. Wells Fargo & Co (NYSE:WFC) is the loser, and deservedly so after its fake customer accounts controversy. But how exactly does BAC fit into the overall picture?

Bank of America shares are up over 13% YTD, which isn’t shabby considering that JPM is up 10%.

However, much of those gains came over the past several days. Since September 8, BAC stock jumped 9.5%. If it weren’t for that lift, the “comeback bank” would be staring at a 2.5% profit for the year. Such a rate would barely beat inflation, if at all.

The paper gains BAC generated this year obscures the fact that shares have been overall disappointing. BofA, like other names in the sector, had quite an eventful 2016. Thanks to the entirely unexpected election victory of now-President Trump, BAC stock received a shot in the arm. During the campaign, Trump promised to revitalize the American economy, and took aim at Federal Reserve policy.

BofA investors bought into the stories featuring robust businesses and higher interest rates, and for good reason. Winning the election was one of the most outrageous acts in American history. If that was possible, then economic recovery is merely a sophomoric effort, a slam dunk.

Unfortunately, nothing in Washington is ever that easy. As reality sets in, BAC stock is neither too hot nor too cold. But this relatively flat consolidation probably won’t last forever. At some point, Bank of America will take a directional shift, but which way?

A Wall of Headwinds pushing down BAC

Like so many other investors, I braced myself for a Hillary Clinton victory, but was surprised with the actual result. It made sense to pile into names like BAC stock, if anything for the “America First” sentiment.

Now, I’m not so sure. As InvestorPlace contributor Joseph Hargett noted, “President Donald Trump’s policy goals for the financial sector are falling by the wayside. Enthusiasm was strong heading into 2017, but optimism has fallen sharply, leading to weak trading activity across Wall Street. In fact, breadth is breaking down quickly in the market, as fears of a potential market top rise.

While the Commander-in-Chief uses Twitter Inc‘s (NYSE:TWTR) platform to talk a big game, he’s losing support in his core base. These losses extend into the actual political arena, where the Trump administration could potentially face critical defeats in the Senate. The markets wanted reassurance that at least Trump’s business acumen would compensate for his lack of political experience. But now, we are witnessing one of the most contested administrations in modern American history.

That doesn’t necessarily spell doom for the economy; after all, no Presidency is without controversy. But in the midst of Washington’s turmoil, we’re experiencing substantial headwinds that will trouble BAC stock.

I’m quite concerned that with all the talk about fixing the “profligate” Fed, the benchmark interest rate is moving down. In fact, since President Trump’s inauguration, the 10-year U.S. Treasury yield shed nearly 8.5%. If the rates keep sliding, Wall Street may start making ironic jokes about “helicopter Trump.”

Then there’s the fact that despite slumping interest rates, new and existing home sales are trending bearishly. This dynamic is odd since lower rates boost real-estate markets. Of course, the unthinkable explanation is that our economy isn’t as great as advertised.

How much more can BofA take?

I’ve discussed these metrics in prior articles, along with unimpressive consumer-sentiment growth in the Trump era. Based on these actual data trends, it’s hard not to be concerned about BAC stock.

But one aspect that I didn’t really consider before was something Hargett brought up. Earlier in September, Bank of America disclosed that “trading revenue in the third quarter would fall 20%.” I think losing both the interest-rate and real-estate battles is extremely tough for the big banks. But to lose the trading revenue makes me wonder how much more can BAC bleed before it impacts market value.

As I’ve stated, the technical motion for BofA shares has been largely flat. The markets are begging for a resolution, either to the upside or the down. Based on all the challenges impacting BAC, I’ll be shocked if it’s the former.

As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities.