President Veto

What happened: The Associated Press called the Congressional race for the Democrats, who won the House and control of the Senate, changing the balance of power when the new Congress convenes at the start of 2027. Why it matters: Rabobank's US strategist sees legislative gridlock as the more likely result, which should limit additional spending or tax cuts and reduce the odds of shoring up public finances. The term premium will probably keep US long-term rates pinned at higher levels, and the results could weigh on US equities. Coverage: 15+ outlets in 24h

The Associated Press called the Congressional race for the Democrats, who won the House and control of the Senate, changing the balance of power when the new Congress convenes at the start of 2027.

Rabobank's US strategist sees legislative gridlock as the more likely result, which should limit additional spending or tax cuts and reduce the odds of shoring up public finances. The term premium will probably keep US long-term rates pinned at higher levels, and the results could weigh on US equities.