Yesterday’s midterm votes are still being counted, but results show Democrats regained control of the House, while Republicans retain a majority in the Senate.
The first mixed Congress for four years looks set to see political gridlock, which will significantly reduce the prospect of new major legislation, including any hopes for a second tax reform or infrastructure bill.
Fiscal events are likely to become more fractious with an increased probability of government shutdown, perhaps as early as this December, although we do not expect a delay to extending the debt ceiling next summer.
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