Economist Hamish McRae says big money in the US would welcome Donald Trump being defeated in the midterm elections, noting that share prices “almost always rise in the year that follows.” He argues that the gridlock typically caused when the party holding the White House loses seats in Congress would curb the president's power, which business generally favours. McRae also says Trump's attacks on former Federal Reserve Board leader Jerome Powell have left the Fed failing to hold inflation to 2%, with US inflation at 3.7%, and that a weaker White House could mean a stronger Fed. He warns that an AI bubble will eventually pop and that the UK faces similar problems, including rising inflation, high bond yields and a heavily indebted government.
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SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/22/2026 | 763.96 |
| Change that session | -1.18% |
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