Possible scenario
Yes Majority Emerges
30% Chance
A Yes vote is plausible given the qualified petition, Smith's support for a citizen-triggered referendum, and anger over federal energy policy. Even if Yes wins, the vote would not automatically create independence; Ottawa would rely on the Clarity Act, the Supreme Court secession reference, Indigenous treaty rights, and constitutional amendment requirements to contain the process.
Initial impacts
- Market volatility Up
- Riskier companies' borrowing costs Up
- 10-year Treasury yield Down
- Oil prices Up
- US dollar Up
Secondary impacts
- Finance -0.8%
- Energy
Portfolio impact
S&P 500-1.3%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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