What to monitor in the United States after the presidential election?
What US economic policy changes would have significant implications for the global economy and financial markets? It will be important to monitor in the United States: Wage policy, with possible repercussions for inflation and interest rates; Tax policy and competition policy, with possible repercussions for the attractiveness of US equities, and therefore for share prices and the dollar’s exchange rate; The fiscal deficit, with the risk of the United States’ savings shortfall becoming further entrenched at a time when European and emerging countries will retain their savings instead of lending them to the United States. In contrast , it is not clear that one should expect to see major changes to US trade or energy policy.