US midterm election: potential economic agenda and market implications

In the upcoming US Midterm elections on November 6, there are high expectations of divided Congress, with the Democratic Party taking control of the House of Representatives and the Grand Old Party (GOP) retaining control of the Senate.

Other scenarios are possible: the Republicans could maintain control of Congress, or the Democrats could sweep both the House and the Senate. In this piece, we examine some of the reasons the most likely election outcome is a divided Congress. We then look at the economic agendas for both parties, and potential issues around their implementation. Finally, we analyse possible investment implications on US equities and fixed income markets.

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