Week ahead: OPEC, GDPs, CPI, Powell

The focus of the week that’s just ending was first and foremost, the US mid-term elections, and secondly, the FOMC meeting. Both went pretty much as expected: the Democrats took the House, the Republicans retained the Senate. As for the FOMC, they kept rates unchanged. But both events will have implications for the future.

The main surprise in the US elections was the lack of any surprise – the result was pretty much as the polls had predicted, which may be a surprise given the poor history of polls over the last few years. They were indeed a rebuke to Trump, but not as much as one might have thought, given the passion he arouses in many people. It’s clear that – how can I say this tactfully? – there are people of very different views in different places in the US. The urban/rural split in US politics couldn’t be clearer.

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