Did you know that the stock market tends to react more strongly to political uncertainty than to actual policy changes?

It’s often the fear of the unknown that drives sharp movements in the market, rather than the outcome itself.

Here’s what we’ll cover in today’s issue:

• What We Learned From The Debate: First, we’ll take a look at how the recent debate performance might impact the election 🤔

• The Fed On Track To Cut 25 Bps: Next, the Fed is expected to stick to its plan for a 25-basis-point cut ✂️

• The Market Is Worried About Kamala: Finally, investors are concerned about Harris' proposed tax policies 😨

We aim to provide timely insights and clear analysis, helping you stay ahead in today’s unpredictable market. Here we go!

What We Learned From The Debate 🤔

There are four indisputable facts.

First, Trump was horrible, and he lost the debate.

Second, the moderators were all in for Harris, and it was obvious.

Third, the biggest loser in the debate is ABC news because they cannot be trusted by the public.

Fourth, Harris will get a near-term bounce in the polls.

What we don’t know is whether the debate will shape the outcome of the election 🤷

Trump is Trump, and there was little to be learned about him; we all know he is capable of a horrendous debate performance.

As for Harris, her job was to demonstrate that she is more fit to lead the United States than Trump.

It’s unclear whether she proved her readiness.

Time will tell—follow the polls 📊

The Fed On Track To Cut 25 Bps ✂️

Core CPI for August came in line with expectations for August, rising by 3.2% compared to August of last year.

But it came in ever so slightly higher than expected compared to July of this year, rising by 0.3% on the month, compared to 0.2% expected.

This slight miss is probably just enough to keep the Fed from cutting by 50bps next week and they will stick with a 25 bp cut, which is exactly what they’ve been hinting at, so really no change to the plan 📝

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The Market Is Worried About Kamala 😨

Equity futures sold off hard overnight last night due to the debate.

Investors fear Kamala Harris’ proposed tax hikes, especially her proposal to hike taxes on unrealized capital gains.

That would be a disaster for the stock market 💥

Throughout the day, stocks continued to come under pressure.

The debate may not prove decisive, so at this point, the downturn is probably overdone.

Look for a recovery in the weeks ahead.

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