Wall Street rallies on US midterm election implications and Fed outlook – by fx_ross SP500 DollarIndex Politics Fed
US CPI this week will be key as will the results of the midterm elections. reaching its highest level since the 15th of September at around 27,861 points, US stock indexes rose for the third straight session as voting began in the crucial midterm election. The widespread belief is that a Republican win will make it really hard, if not impossible, for Democratic President Joe Biden to carry out proposed tax rises. At the time of writing, the Dow is up 1.43%, the S&P 500 is up 1.
When combining the bullish prospects of the elections with a recent turn in sentiment surrounding the Federal Reserve, risk-on is the name of the game this week. Investors are hoping for a political gridlock that could prevent radical policy changes and for a slowdown in the pace of rate hikes from the Fed. Control of just one chamber of Congress by Republicans would put a block on President Joe Biden's legislative push for more business regulations.
By around 10 pm or 11 pm EST, when polls in the Midwest will be closed for an hour or more, it is possible Republicans will have enough momentum for experts at US media organisations to project control of the House.''Sentiment slipped on the back of last week's nonfarm Payrolls data and a pivot is eyed by markets sooner than later, despite the Chair Jerome Powell's pushback following last week'sdecision.
as a softer core print will exacerbate positioning which has moved to swiftly reduce USD longs recently and support risk appetite.
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