How will the election shape the economic outlook?

A Joe Biden victory in November together with Democrats winning back control of the Senate could see a big increase in taxation and federal spending, together with a shakeup of healthcare, regulatory and trade policy. All of that could have a bearing on the performance of the stock market but, with fiscal and monetary policy to remain loose regardless of who wins, we doubt the election will have a major impact on the outlook for economic growth in 2021 and beyond.