Investors are expecting Republican gains in U.S. midterm elections, a result that will likely temper potential Democratic spending and regulation but set up a bruising fight over raising the U.S. debt ceiling next year.
the balance of power in the 50-50 Senate, which Democrats currently control with a tie-breaking vote.
"I think the markets are rallying at the prospect of gridlock," said Jack Ablin, chief investment officer at Cresset Capital in Chicago. "Fiscal spending has created a challenge for central banks worldwide. The prospect of no legislation is a bullish inflation signal." A Republican Congress could end fiscal stimulus and make "the Fed’s job a little bit easier to break inflation,” said Troy Gayeski, chief market strategist at FS Investments.finished up 0.6% on Tuesday. The benchmark index has risen about 5% over the last month, cutting its year-to-date decline to about 20%.in 2023, setting up the kind of protracted battle that led Standard & Poor's to downgrade the U.S. credit rating for the first time in 2011, sending financial markets reeling.
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