Jared Bernstein, the outgoing chair of the Council of Economic Advisers, says that Donald Trump is inheriting a strong economy, but with less freedom to maneuver than he had during his first term.

The 46th president of the United States is bringing his time at the White House to a close with the S&P 500 SPX up over 55% since he took office on Jan. 20, 2021. The Dow Jones Industrial Average DJIA advanced more than 39% over the same period, while the tech-heavy Nasdaq Composite COMP jumped nearly 46%, according to Dow Jones Market Data.

On an annualized basis, Biden’s Dow performance is slightly below the 50-year average, but higher than the average among 20th and 21st-century Democratic presidents. Among one-term presidents, the Dow’s performance under Biden is the worst since Jimmy Carter.