In markets, the Trump Trade is on. It is just a little lost and very messy.
For months, the chance of Donald Trump finding his way back into the White House has been the biggest potential jolt to markets that no one wants to talk about. When asked about it, professional investors generally mumble something vague about taxes and spending. “Well the fiscal programmes are roughly the same as Joe Biden’s so we don’t see much impact either way and, you know, historically, elections don’t matter that much.” That’s the script.
This has always been odd. Politics wonks are convinced this is the most consequential and binary election of our time, and investors are saying it doesn’t really matter who wins.
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