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22 December 2024

Home / White Papers 2024

The US November 2024 Election: Implications for Investors

William W. Priest, CFA, Vice-Chair, TD Wealth; Chairman of the Board of Directors, TD Epoch
Kevin Hebner, PhD, Managing Director, Global Investment Strategist, TD Epoch

Eighty-seven percent of investors expect a close presidential election and eighty-two percent predict a divided government, according to a March survey by Piper Sandler. Moreover, the contest will feel familiar, as it is a repeat of 2020. This is unusual as Biden vs. Trump 2024 is only the seventh rematch in U.S. history (out of 60 elections) and the first for almost everyone voting this year (the last rematch was 1956, Eisenhower vs Stevenson).

This paper examines the key policy implications of the election, particularly regarding trade, tariffs, taxes, and energy, as well as for the Fed, industrial policy, deregulation, and defense, as well as their implications for investors.

Download the full paper


 

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