Another Blow to the Status Quo

After one of the most bitter and divisive U.S. Presidential election campaigns in living memory, the outcome is arguably the one that markets were dreading. Whereas Clinton was the “business-as-usual” candidate, Trump is much less predictable. Regardless of what the longer-term impact of his policies will be on the economy, risk-asset markets are likely to respond with high levels of volatility in the shorter-term as we try to figure out what those policies are and how many of them are realisti...