We explore the potential for key policies to change after November’s presidential and congressional elections, and the credit implications for a range of debt issuers
We are watching these policies and the credit effects – positive and negative – on sectors globally: fiscal; economic and trade; climate; immigration; financial and tech regulation; national security
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MOODY'S
View narrative analysis of the latest election developments from Mark Zandi, Moody’s Analytics’ Chief Economist
Whatever the US election results, restrictive measures – particularly toward China – will likely continue or intensify. This is credit negative for some APAC sectors and economies; positive for others. (Available in: 中文)
US trade policy is likely to tighten whatever the country’s election outcomes. Sectors and economies most reliant on the US, with lower credit quality and weak value-chain positions are most at risk.
Both presidential candidates have very different positions on fiscal, trade and immigration policies, which if implemented could have big implications for US debt issuers and the economy.
For municipal debt issuers, reversing positive net immigration would exacerbate the credit-negative effects of a shrinking and aging workforce, including slower economic growth and higher labor costs.
The US stance on Ukraine and China, and continued protectionist trade policy, will have credit-negative effects in Europe. But Europe’s greater policy predictability could be a competitive edge. (Available in: Français)
The rise in China's Latin America trade and investment will increase tensions with the US regardless of who wins the election, while US efforts to curb unauthorized immigration will continue. (Available in: Español, Português)
VP Harris’ policy proposals mirror President Biden’s and, taken together, would reduce the federal budget deficit
In this analysis we assess the macroeconomic consequences of the policies proposed by the candidates
The use of deepfakes could affect the outcome of US elections and influence policymaking, undermining US institutions’ credibility and creating governance problems for states and local governments.