It was certainly 'risk-on' heading into election night on anticipation of a relatively 'clean' outcome that could not only lead to a substantial fiscal stimulus in 2021, but also open the door to talks on another near-term support package. Those hopes have been dashed, for the next few days at least. The results so far seemingly show Joe Biden has a very slight edge, but it certainly isn’t going to be a convincing knockout victory accompanied by a Blue Wave. It looks as though there will be a smaller Democrat majority in the House and the chances of Democrats regaining the Senate appear slim at this point. ... (full story)