Trump Attempts To Take Back Control Of The Election Narrative

Taking back control of the election narrative?

After calling off US stimulus talks with the Democrats, President Trump is calling for more targeted support—$25 bn for airlines and $135 bn for the Paycheck Protection Program—out of unused funds from the Cares Act. He’s also calling for a $1,200 stimulus checks in a standalone bill via Twitter.

Clearly, the President is looking to turn the tables and take back control of the election narrative and put the ball back in the Democrats’ court with his standalone $1,200 stimulus check suggestion via Twitter.

Major fiscal stimulus is off the table until after the election. The most that markets can expect before then is income support for individuals, that would be positive for risk sentiment at the margin. Income support should not however be conflated with expectations for the post-election stimulus that relies on a Democratic sweep of Congress.

The main risk for markets is a recovery for Trump in the polls which would hurt reflation trades.

So the election pendulum takes yet another swing?

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