Market Resilience Amid Political Shifts

This chapter examines the market's stability following President Biden's withdrawal from the presidential race and his endorsement of Vice President Harris. It highlights the influence of political factors, interest rates, and corporate profits on market dynamics, all while noting the previously priced-in expectations of such political changes. Additionally, the chapter discusses the implications of U.S. budget deficits on corporate profitability and how these economic factors interplay with global market valuations.