So, one of the most complicated elections ever just concluded with the Tuesday, November 3rd Election Day vote. Of course, some things were decided, but the main contest for President of the United States is still being determined.
The markets like what they see so far. Whether Trump or Biden ends up being the next president, we will have a split Congress with the Republicans in charge of the U.S. Senate and the Democrats in charge of the U.S. House of Representatives. Investors were worried about the $4 trillion in taxes expected from a Biden presidency, but now with a GOP-controlled Senate, that is unlikely. Court packing is also unlikely now with a GOP Senate, whether Biden is president or not.
So, the panic moments so far have not happened and the markets are saying, “This is OK so far”.
We’ll see what the coming days bring…
Brian Kasal ~