Nov. 10, 2016
The U.S. election has brought Republican control of the House and Senate, and Mr. Trump to the White House. This was as much a surprise for financial markets as it was for the pollsters. Our surprise was that expectations going into the election were so biased towards the Democratic Party, even after seeing evidence of the voting trend against the “establishment” gaining momentum in the past few years. Populist agendas have resonated with voters who have felt that the establishment has favoured Wall Street over Main Street. An environment where income inequality is at historical highs, where globalization has benefitted multinational companies to the detriment of middle class households in developed economies and where wages have been close to stagnant, naturally feeds into populist sentiment.
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