“A political process that cannot accurately ascertain its leader, parties refusing to accept results and potential social disorder, all damage credibility and lower the confidence of investors,' Citi strategists say.
It has been a rough September for the stock market, with the S&P 500 SPX, +0.51% down over 7% so far.
The Citi team does acknowledge the “central bank put remains intrinsically tied to the equity market,” and that there will be more Treasury bond and credit purchases, and a desire to keep inflation-adjusted interest rates well below 1%. New York Federal Reserve President John Williams wraps up a week of Fedspeak with a speech. Durable-goods orders inched up 0.4% in August, after an upwardly revised 11.7% gain for July.
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