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Markets Have Shrugged Off Impeachment

House Speaker Nancy Pelosi Announces Formal Impeachment Inquiry

The US President is not expected to be removed from office and there is no impact that influences fiscal and monetary policy. The market is now focused on the positives such as a small step forward on trade talks with China (there will be many more steps) and the USMCA or new-NAFTA that was approved by the House and is being sent to the Senate for final approval. Note that when the House carried out the final phase of their impeachment process on October 31, the all major stock markets rose. And markets continue to focus on policy, recent wins on trade and not the emotional aspects of politics. The impeachment is more of an embarrassment, but note that markets are in fact rational, they are driven by facts, not emotion.

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