With two weeks until the election, and a host of conflicting polls and divergent opinions on the state of the economy – I still have no idea who will win this year. I say this in the context of some prognostications made by two hedge fund billionaires: Stanley Druckenmiller and Dan Loeb. Both have opined that the rally on Wall Street underscores a growing belief that former President Donald Trump will win on Nov. 5.
Last week, the European Central Bank cut interest rates for the third time this year. Eurozone inflation has also declined below the ECB's 2% target. The U.S. remains the best performing equity market in the world, with the S & P 500 and the Nasdaq both up more than 22% in 2024.
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