{"id":33092,"date":"2026-11-05T16:45:15","date_gmt":"2026-11-05T15:45:15","guid":{"rendered":"https:\/\/www.bordier.com\/?p=33092"},"modified":"2026-11-06T16:02:14","modified_gmt":"2026-11-06T15:02:14","slug":"the-democrats-sweep-the-us-midterms","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/es\/the-democrats-sweep-the-us-midterms\/","title":{"rendered":"The Democrats sweep the US midterms\u00a0"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"33092\" class=\"elementor elementor-33092\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"has_ae_slider elementor-element elementor-element-8a9542e e-flex e-con-boxed ae-bg-gallery-type-default e-con e-parent\" data-id=\"8a9542e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e5ec2ba elementor-widget elementor-widget-heading\" data-id=\"e5ec2ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">\/ Bordier UK Market Update  - <em>November 2026<\/em><\/h5>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5aea53f elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"5aea53f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The Democrats sweep<em>the US midterms  <\/em><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0141ae elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"f0141ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\"><p>The results of the US midterm elections have given the Democrats control of Congress with Donald Trump\u2019s Republican administration losing their majority in both the Senate and House of Representatives.<\/p>\n\n<p>The shorter-term implications of this are still being digested by markets, where the reaction has been positive so far and the election result has potentially important and wide-ranging repercussions for the US (and global) economy and political backdrop. <\/p>\n<\/h5>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"has_ae_slider elementor-element elementor-element-8bb2ceb e-con-full e-flex ae-bg-gallery-type-default e-con e-parent\" data-id=\"8bb2ceb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"has_ae_slider elementor-element elementor-element-070d46f e-con-full elementor-hidden-mobile e-flex ae-bg-gallery-type-default e-con e-child\" data-id=\"070d46f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab25fb7 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"ab25fb7\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h3&quot;],&quot;marker_view&quot;:&quot;bullets&quot;,&quot;icon&quot;:{&quot;value&quot;:&quot;&quot;,&quot;library&quot;:&quot;&quot;},&quot;no_headings_message&quot;:&quot;No headings were found on this page.&quot;,&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;],&quot;sticky_offset&quot;:80,&quot;sticky_parent&quot;:&quot;yes&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_widescreen&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tTable of Contents\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__ab25fb7\" aria-expanded=\"true\" aria-label=\"Abrir la tabla de contenidos\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__ab25fb7\" aria-expanded=\"true\" aria-label=\"Cerrar la tabla de contenidos\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<div id=\"elementor-toc__ab25fb7\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<svg class=\"elementor-toc__spinner eicon-animation-spin e-font-icon-svg e-eicon-loading\" aria-hidden=\"true\" viewBox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M500 975V858C696 858 858 696 858 500S696 142 500 142 142 304 142 500H25C25 237 238 25 500 25S975 237 975 500 763 975 500 975Z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"has_ae_slider elementor-element elementor-element-bd2e846 e-con-full e-flex ae-bg-gallery-type-default e-con e-child\" data-id=\"bd2e846\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5621b7d elementor-widget elementor-widget-heading\" data-id=\"5621b7d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Implications for US domestic policy <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124e822 elementor-widget elementor-widget-text-editor\" data-id=\"124e822\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The shift in power will likely make it extremely difficult for the Republican administration to make any meaningful changes in its domestic agenda, with policy likely to get mired in Congress.<\/p><p>The Democrats now have more powers to review the current administration and, importantly, will likely curb any plans for further \u2018fiscal expansion\u2019 (such as tax cuts or increasing public spending) which may constrain economic growth to an extent looking ahead.<\/p><p>A likely flash point will be the \u2018debt ceiling\u2019, which currently stands at a fairly staggering $41.1trn and is expected to be reached again by the middle of next year. As such, some renewed concerns around the US public finances are likely.<\/p><p>Overall, however, in terms of the domestic economy, we suspect that the likely paralysis in policy will mean the election result will have a limited economic impact.<\/p><p>While the Democrats\u2019 victory has been very substantial, they do not have a \u2018filibuster-proof\u2019 majority and President Trump will still have the power to veto some key legislation, including around greater regulation of AI.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00bce7d elementor-widget elementor-widget-heading\" data-id=\"00bce7d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Implications for US foreign policy<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d24f96f elementor-widget elementor-widget-text-editor\" data-id=\"d24f96f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Given that President Trump will now be heavily constrained on the domestic front he may well turn his focus (even more) onto foreign policy where, as president and commander in chief, he will still have far more autonomy.<\/p><p>With bookmakers currently assigning a roughly two-thirds chance of the Democrats winning the next election, President Trump may well also see achieving something on the international stage as his best chance of securing a legacy.<\/p><p>History potentially supports this view as several previous presidents facing political gridlock at home have seemingly gone down this route (such as President Regan signing an agreement reducing nuclear capabilities with Mikhail Gorbachev, and President Obama working to improve relations with Cuba towards the end of his presidency).<\/p><p>If this thesis proves correct, one obvious focus would be Iran, however it is far from clear whether he would look to step up the diplomatic effort (and seek to negotiate a withdrawal) or decide that the political damage appears to already have been done and initiate further strikes, potentially stirring up renewed oil price and inflationary fears.<\/p><p>The conflict in Ukraine is another obvious focus, where any significant actions could impact both markets and potentially the defence spending plans of NATO members should any negotiations be seen as more favourable to Russia.<\/p><p>In addition, we may see an escalation in executive orders, which don\u2019t need Congressional approval, potentially in the shape of tariff updates or sanctions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-253c40d elementor-widget elementor-widget-heading\" data-id=\"253c40d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Our view <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7d0be5 elementor-widget elementor-widget-text-editor\" data-id=\"f7d0be5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The US treasury market will likely welcome a potentially more disciplined fiscal approach but may also grow concerned should geopolitical tensions increase and put further pressure on commodity markets.<\/p><p>Equity markets will also welcome a more certain political backdrop but may become concerned down the line about potentially higher taxes and greater regulation should the Democrats come to office.<\/p><p>Geopolitical uncertainty remains heightened and Russia and China (and Taiwan) will no doubt be watching US political developments closely. We have, however, consistently argued over the years that politics tends to have a limited, and usually transient, effect on markets and we suspect that this time is no different.<\/p><p>The key market drivers remain the outlook for inflation, interest rates and economic and earnings\u2019 growth, and it is difficult to pinpoint how this election result will affect these (largely global) factors.<\/p><p>We will watch developments closely, but we do not believe any adjustments are currently required within portfolios.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fb6d0c elementor-widget elementor-widget-text-editor\" data-id=\"7fb6d0c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Important information <\/strong><\/p>\n<p>This page is issued and approved by Bordier &amp; Cie (UK) PLC (\u2018Bordier UK\u2019). Incorporated in England No: 1583393, registered address 23 King Street, St James\u2019s, London, SW1Y 6QY. The company is authorised and regulated by the Financial Conduct Authority (\u2018FCA\u2019).<\/p>\n<p>Bordier UK is a wealth and investment manager dedicated to providing portfolio management services. We offer Restricted advice as defined by the FCA, which means that if we make a personal recommendation of an investment solution to you, it will be from Bordier UK\u2019s range of investment propositions and will reflect your needs and your approach to risk.<\/p>\n<p>This page is not intended as an offer to acquire or dispose of any security or interest in any security. Potential investors should take their own independent advice to assess the suitability of investments. Whilst every effort has been made to ensure that the information contained in this page is correct, the directors of Bordier UK can take no responsibility for any action taken (or not taken) as a result of the matters discussed within it.\u00a0<br \/>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The election result has potentially important and wide-ranging repercussions for the US (and global) economy and political<\/p>\n","protected":false},"author":3,"featured_media":22044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19],"tags":[151],"news_country":[36],"news_language":[38],"class_list":["post-33092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","tag-elementor-post","news_country-uk","news_language-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/posts\/33092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/comments?post=33092"}],"version-history":[{"count":33,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/posts\/33092\/revisions"}],"predecessor-version":[{"id":33129,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/posts\/33092\/revisions\/33129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/media\/22044"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/media?parent=33092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/categories?post=33092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/tags?post=33092"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/news_country?post=33092"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/news_language?post=33092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}