Why Is Stock Market Up After The Election?
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The market likes a divided government. If the Democrats take the white house, the Republicans still hold the Senate. A Joe Bidden administration will not be able to pass a Green New Deal or raise taxes, without control of the Senate. A stimulus is likely.
The Trump legal team does not concede Arizona. Republicans want all the votes counted in Arizona and a re-count in Wisconsin. The Trump team believes they will win in Pennsylvania, Georgia, and North Carolina. A win in Arizona would keep Trump in the white house.
The ultimate winner may be Vice-President Mike Pence. If Biden wins the White House he will be a one term President. He has declining cognitive abilities and will be 82 in 2024. While President Trump did poorly with woman voters, Mike Pence has a much calmer disposition. In addition Kamala Harris is the most radical left wing Senator. She is to the left of Senator Bernie Sanders.
Kamala Harris did poorly in the Democrat primaries in 2020, and is expected to do poorly as a presidential candidate in 2024. Mike Pence served as a governor and congressman from Indiana, and has excellent likeability. Pence is the presumptive favorite to be the next U.S. president in 2024.
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Federal Reserve officials expect to hike rates roughly six additional times this year, bringing its benchmark Fed Funds Rate to nearly 2%. In May the central bank raised the Fed Funds Rate by ½%. Can they reach their goal without a recession?
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One is wise to sell on the rumor of bad news and buy on the fact. Gold is approaching over a year of consolidation on the rumor of Fed tightening and a rate hike. Next week the Fed is expected to increase its bond purchase taper and hint of more aggressive rate hikes in 2022. However, there is almost a two year lag between money printing and inflation.
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Lincoln said, "You can fool all the people some time, you can fool some of the people all the time, but you cannot fool all the people all the time." Jerome Powell has stated the Fed will "began to taper QE and raise interest rates" and "inflation is temporary"
