Possible scenario
Democratic House Constraint
0.0%
The most likely path is that Democrats convert the scale of the midterm defeat into a narrow but functional House majority. Markets treat this as a constraint on Trump’s second-term agenda, especially tariffs, spending fights, and deregulation, rather than a standalone regime change.
What it moves
- Healthcare+0.4%
- Finance−0.4%
- Riskier companies' borrowing costs
- 10-year Treasury yield
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