Nothing in the short term, at least.
Below assorted opinions on the presidential race from a host of North American (finance-related) talking heads.
Confidence is an intangible that in these times we have found is crucially important for the proper functioning of our financial markets and the economy. Confidence is something that Barack Obama exudes.
- Tony Crescenzi, bond market strategist at Miller Tabak.
The market wants the uncertainty of its next president behind it,” said Larkin. “If it gets hung up [at all], then it will be good for Treasurys and bad for stocks. Being hung out in limbo is going to cause some problems.
- William Larkin, Cabot money management
The expectation is for Obama to become president, and I think the market has discounted that to some extent, especially the stock market. If McCain happens to upset I think the stock market would take that more positively and perhaps fixed income would sell off a little bit.
- Chris Ahrens, strategist at UBS securities
I think the critical question for investors this Election Day is whether Democrats can secure a filibuster-proof majority in the Senate, which would provide a smoother path to fiscal stimulus.
- Art Hogan, Jeffries & Co
The fact is, the passage of the U.S. election might actually come as a relief to the market rather than uncertainty, as once the election is done, the political spectrum of the U.S. will be quite clear for the next four years
- Subodh Kumar, chief investment strategist at Subodh Kumar & Associates in Toronto.
It’s particularly likely that this new president can’t do much, because they’re going to get so saddled with the things they inherit. Presidents can only do so many things at once.
- Kenneth Fisher, Fisher Investments Inc.
In a normal year, you would expect some kind of relief rally after the election is over with, just because we won’t be talking about this anymore. But I would throw in that there’s been nothing normal about 2008.
- Brian Barish Cambiar Investors LLC
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And in other electoral-come-finance news: US states and local governments will also be asking voters to approve $66.5bn of muni bonds. Let the Keynesian-ism begin!
California is by far and away the largest borrower:
California has the largest referendum, $9.95 billion in funding for a high-speed rail network, with proposals around the state totaling almost $42 billion.
