It seems the No. 1 issue on investors’ minds lately is the US presidential election. So far, financial markets have not reflected much of the campaign trail noise, and there is a good reason for that.
While the next president will surely bring a new style of leadership, what is not likely to change is Congressional gridlock. Neither party is expected to gain sufficient control over both houses of Congress to enact significant legislation. Whoever wins in November, major changes in tax rates or spending levels will require compromise, something neither party has shown to be particularly good at.
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