JPMorgan and Goldman Sachs both gained as much as 7.5% in Wednesday's premarket. Donald Trump won a second non-consecutive term as US president on Tuesday evening. Trump won about 51% of the popular vote and more than enough electoral votes to win, although vote count continues. UBS, Barclays expect tariffs and higher deficits to force the Fed to keep interest rates higher, benefiting banks. JPMorgan and Goldman Sachs both saw their stars rise in Wednesday’s premarket after Donald J.
This is the first time since the late 19th century US presidency of Grover Cleveland that an occupant of the White House has served non-consecutive terms. UBS published a client note saying that higher interest rates expected under a Trump administration would be good for financials. The market expects higher interest rates in a Trump presidency because of higher expected deficits compared to a Democratic Party administration.
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