Most major markets continue to consolidate today amidst the essentially data-less global trade. Probably the day’s biggest news was the election result in Canada, where the Liberal Party, led by Justin Trudeau the son of former Prime Minister Pierre Trudeau, secured a surprise majority. The majority seemingly gives Trudeau a mandate to enact the expansionary fiscal policy he campaigned on, including a plan to run stimulatory deficits for the next three years. At the margin, expansionary fiscal policy could relieve some of the pressure on the Bank of Canada to try to stimulate the economy via monetary means, but ... (full story)