As European markets commence trading this morning, news on President Trump’s 2nd impeachment is filtering through. The reaction has been muted as there are only 6 days left of his Presidency but this casts another large shadow over what’s been a tumultuous 4 years.
Donald Trump is the first President to have been impeached twice, ending his term uncomfortably. News has come through overnight that Republican Senate leader, Mitch McConnell will not begin the Senate trial until after his term is over so he will not face any consequences whilst sitting in office.
Financial markets have seen little reaction as such an outcome was expected and the future impacts will be limited given his short time left as President. As Thursday begins the greenback finds itself marginally firmer. Stocks are higher on stimulus hopes while government bond prices continue to drop on the large increases to supply expected over the coming years.
On the economic calendar today we’ll have comments from Fed chairman, Jay Powell. President-elect Joe Biden will give a speech on fiscal policy. Minutes from the ECB’s December meeting are scheduled too.
8:42am, January 14th 2021
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