Trump Election Victory Predictions Spark Trading Panic: Bonds Sold Off Around Globe as Markets Bet The Don Is Set For White House Win
A possible Trump victory this November has the financial market making dramatic moves.
The possibility of Donald Trump winning the Presidential election has led to chaos in the financial market.
RadarOnline.com can reveal investors are selling off their bonds all over the world as the race for the White House between Trump and Kamala Harris tightens with just weeks to go until election day.
A potential Trump victory has shaken up the financial market.
Robert Dishner, a senior portfolio manager at Neuberger Berman in London, explained: “With less than two weeks now until the US elections, concerns about the fiscal outlook and its potential upward pressure on inflation have become more acute."
The potential for a Trump victory has helped push bond yields higher, however, it has led to lower prices as traders have adjusted their outlooks following the Fed's big 50 basis point move last month.
The 10-year US Treasury yield jumped to 4.22% on Tuesday, its highest since July. The rate on 10-year German securities also hit the highest level since early September.
The dramatic changes also hit Asia, where the yield on Australian benchmark debt moved up to as much as 16 basis points.
The race between Trump and Harris is close as election day nears.
Meanwhile, JPMorgan strategists Jay Barry and Srini Ramaswamy touched on the impact of a Democratic or Republican sweep, and said it will result in fiscal expansion relative to the baseline of divided government” and “fiscal concerns… would likely come back to the forefront."
According to the strategists, there will be a steeper bond market reaction under a GOP sweep, because Trump’s economic plans would push up America's national debt by $7.5trillion. In comparison, Harris' proposals would push it to $3.5trillion.
Trump is making bigger strides according to Election Betting Odds, which shows the controversial candidate with a 57% chance of stepping back into the White House, an increase from the 48% at the end of September.
However, it's not all doom and gloom for Harris yet as she holds a 46% to 43% lead over Trump in a recent Reuters/Ipsos poll.
Polls have also revealed that both candidates are running neck and neck in seven battleground states.
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Trump only trails Harris by three percentage points in the latest polls.
While the polls have Trump in a good position, it's not all good news as a new lawsuit has been added on to the 78-year-old's mountain of legal issues.
RadarOnline.com revealed Antron McCray, Kevin Richardson, Yusef Salaam, Raymond Santana, and Korey Wise, also known as the "Central Park Five" have sued Trump for defamation over statements he made about the 1989 case during the presidential debate with Harris.
The five men alleged in their lawsuit the former reality star acted with "reckless disregard" for the truth when he claimed they pleaded guilty to crime connected to the assault and rape of Central Park jogger and "badly hurt a person, killed a person" as teenagers.
The group's attorneys shared: "Defendant Trump's statements were false and defamatory in numerous respects. Plaintiffs never pled guilty to the Central Park assaults. Plaintiffs all pled not guilty and maintained their innocence throughout their trial and incarceration, as well as after they were released from prison."
They added: "None of the victims of the Central Park assaults were killed."
The men, now known as the Exonerated 5, are seeking compensatory and punitive damages.
The betting market is predicting a Trump victory.
Trump campaign spokesperson Steven Cheung slammed the filing as "just another frivolous, Election Interference lawsuit" which he claimed was devised to "distract the American people from Kamala Harris’s dangerously liberal agenda and failing campaign", according to CNN.
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