Likely political makeup of Washington: Election outcome remains too close to call

Key features:

  • The failure of either party to get a clean sweep will hamper new policy initiatives
  • If President Trump stays in power, basic policy agenda will remain as it has been
  • Fiscal loosening will still be on the agenda but a large package is now unlikely and tax hikes are less likely
  • A shift in trade talk with global partners – a less aggressive tone is likely with Biden
  • Refocus on global partnership – no change under Trump

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