Articles
15 August 2024

US presidential election: Three scenarios for markets

The next president of the United States and the parties that will control Congress will have a major say in where financial markets head over the coming years. So, just what might happen to FX, Rates, Commodities, and Credit Markets whoever wins? Welcome to our scenarios

US Election: Three scenarios for markets

No one can predict what's going to happen on 5 November when Americans go to the polls to elect either Donald Trump or Kamala Harris. However, we have tried to look at various scenarios which could affect asset classes via domestic, foreign and trade policy. We'll be writing extensively on this over the coming weeks. So think of this as an introduction. Our emphasis is very much on the factors that could shape the future, rather than the point forecasts themselves. 

US Election: Three scenarios for financial markets

 - Source: ING
Source: ING

Scenario 1: Trump clean sweep

Donald Trump wins the Presidency and Republicans win control in Congress

 - Source: ING
Source: ING

Scenario 1: The winners and losers in financial markets

 - Source: ING
Source: ING

Scenario 2: Trump constrained

Donald Trump wins the Presidency, but Congress split (Democrats win Senate, Republicans win House)

 - Source: ING
Source: ING

Scenario 2: The winners and losers in financial markets

 - Source: ING
Source: ING

Scenario 3: President Harris

Kamala Harris wins the Presidency, but Congress is split (Democrats win Senate, Republicans win House)

 - Source: ING
Source: ING

Scenario 3: The winners and losers in financial markets

 - Source: ING
Source: ING
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This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more