Wall Street is bracing for a potential game changer, but it's not the election | CNN Business

Wall Street is waiting for the results of Tuesday’s midterm election like the rest of the world, but traders say this week’s inflation report may prove to be far more consequential to markets. “Obviously this midterm election — because democracy is on the ballot — is a big deal in the eyes of the population,” Peter Tuchman, a veteran New York Stock Exchange floor trader, told CNN Business on Tuesday. “But how much it weighs on the economy is a good question.

Of course, gridlock may not prove to be good if it leads to a debt ceiling fight or if it limits the willingness of Congress to cushion the blow from a potential recession. If Republicans win control of at least the House of Representatives, markets may have a “muted” reaction because that is widely expected, Goldman Sachs told clients in a report Monday. Andrew Frankel, co-president of Stuart Frankel, agrees that a GOP victory is “baked in” and shouldn’t trigger a major market rally.

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