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The Times They Are A-Changin'
- The US midterms have precipitated a sharp correction in US equity markets, driven by fears of a policy lurch towards increased regulation of AI and related infrastructure.
- Given the lofty valuations of AI-driven stocks, a price correction was a distinct possibility in recent months.
- Ultimately, predictions that a blue wave (which followed the red wave of 2024), will fundamentally change the prospects for the US economy are probably overblown.
- As referenced above, almost completely absent from the political debate in the US midterms was the sustainability of the US fiscal deficit and debt pile, which are now among the highest in the G7.
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