After the US midterms: What has changed for markets

The US Midterms have fundamentally changed the political landscape in Washington. What could these historic election results mean for the economy, financial markets, and investors? Our experts assess the new market environment and highlight potential investment opportunities.

The new political landscape raises important questions for investors. Our newly published Market Update following the US midterms provides perspective and guidance. In the update, Christoph Boner, Chief Investment Allocation Officer, assesses the latest developments and explains our current asset allocation.

To the Market Update 

For a more in-depth perspective, watch the replay of our livestream featuring expert insights into current market developments from Christoph Boner and Jens Korte, business journalist and US expert.

Five key topics from the livestream:

• A new balance of political power: Democratic majorities have changed the political landscape in Washington, increasing the need for compromise, particularly on budgetary matters.
• Government debt at a record high: US government debt has risen above USD 40 trillion. Interest payments, budget negotiations, and the debt ceiling remain in focus.
• Resilient economic growth: The US economy grew at an annualized rate of 3.4 percent in the third quarter of 2026. However, high living costs and interest rates continue to weigh on many households.
• AI between growth and high expectations: Investment in AI is supporting economic growth and equity markets. At the same time, valuations, financing, and energy requirements are receiving greater attention.
• Persistent uncertainty: Trade relations and geopolitical developments could continue to affect financial markets.
  The views presented reflect the market assessment at the time of publication and are subject to change without notice.

To the replay

Investment perspectives on the US market

Our US Momentum Strategy takes a systematic approach to identifying companies with positive price momentum. Investing involves risks, including the possible loss of capital.

Explore the Vontobel Momentum Strategy USA Index