By Sydney Maki The red-hot Washington debate over whether President Joe Biden will scrap his run for re-election is spilling into Wall Street, where traders are shifting money to and from the dollar, Treasuries and other assets that would be impacted by Donald Trump’s return to office.
The red-hot Washington debate over whether President Joe Biden will scrap his run for re-election is spilling into Wall Street, where traders are shifting money to and from the dollar, Treasuries and other assets that would be impacted by Donald Trump’s return to office.
“Markets have already been repricing election odds since the debate, so the news over the past 24 hours has really only added fuel to the fire,” said Gennadiy Goldberg, head of US rates strategy at TD Securities in New York. “A Trump victory raises the prospect of higher inflation and a stronger dollar, given his promise of more tariffs, and a tougher stance on immigration,” said JPMorgan Chase & Co. strategists led by Joyce Chang.
Signs of traders bracing for near-term volatility in the Treasury market emerged Wednesday, through a buyer of a so-called strangle structure, which benefits from a move higher or lower in futures through the strike prices. Along with potential risk over the holiday weekend around Biden’s candidacy, the expiry also incorporates Friday’s US jobs data and testimony next week from Fed Chair Jerome Powell.
The Financial Select Sector SPDR Fund , a $40 billion fund, last week saw its largest inflow in more than two months, with investors adding roughly $540 million. So far this week, they’ve added $611 million amid the latest gyrations in the interest-rate market.
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