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Weekly Economic & Market Recap

July 22, 2016The Weekly

With the Republican National Convention just completed and the Democratic Convention next week in Philadelphia, we thought we would share our early take on the presidential election and potential market ramifications. Clearly there are stark philosophical and political differences between the two choices available to voters this fall, especially in regard to trade and immigration policies. Supporters of both candidates, and sometime the candidates themselves, state their positions with such hyperbole and speak about the other side with such vitriol that it appears to magnify the real impact of an election. Elections do have consequences, but we need to remember that true transformational change requires Congressional action. Since neither party will likely hold a substantial enough majority of Congress, Congressional consent for really meaningful change is hard to envision at this point. Without true transformational change it is unlucky that equity market will be significantly impacted by the election. Individual sectors will however react depending on the perceived regulatory preference of the winning candidate.