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Donald Trump's victory in the US elections has had an immediate and positive impact on financial markets, bringing greater clarity to the American political landscape and reducing the uncertainty that had characterized the phases prior to the vote. Trump's economic agenda, based on deregulation, tax cuts and increased public spending, promises to further stimulate the American economy, but introduces the risk of higher inflation. At the center of market dynamics is also the Federal Reserve, which will have to find a balance between its monetary easing policy (rate cuts) and the fiscal push of the new government. While the American economy could benefit from this new course, Europe is in a more delicate position. The combination of protectionist policies in the United States and possible reactions from China could put pressure on the European economic cycle, forcing the ECB to step up its support measures to avoid a slowdown. Rocco Bove, Head of Fixed Income at Kairos Partners SGR, offers his analysis to address the current scenario and understand possible developments in 2025. 00:00 Introduction 00:42 How did the markets react to Trump's victory? 03:20 What will the ECB's moves be? 04:16 How should an investor set up their portfolio?