Pelosi with a landslide win as expected; Dems press forward with House win
A bit of sportsmanship there by Trump as he is said to have called up Nancy Pelosi to congratulate her on her district triumph and also on the Democrats’ winning majority at the House.
The election results so far are going as expected and Democrats are likely to win by between 35-40 seats at the House by the time this is done and dusted. It’s very much a case that Democrats got what they needed from the midterms, but there’s a feeling that it could’ve been much more for them and much worse for Republicans.
As of now, all this means for markets is that we’re going to see further Congressional gridlock on policies like immigration and the budget but with regards to the things that actually matter like trade and the Fed, nothing will change essentially.
The results may be a bit of a negative for the dollar as markets are digesting it in relation to the 2020 elections and how this tosses up some uncertainty as we get to that, but do remember there’s still a long time between now and then.