A dour view from Greenlight Capital’s David Einhorn in a note to investors:

  • From a market perspective, we don’t think it matters very much who wins
  • “The economic policies of both parties are remarkably similar.
  • Both favour large deficits despite a strong economy.
  • We believe this supports our ongoing expectations of higher secular inflation in the coming years

Higher inflation argues that interest rates will remain higher than otherwise. At the margin.

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Nearer term, markets are favouring a September Federal Reserve rate cut:

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