New York
CNN Business
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Wall Street is waiting for the results of Tuesday’s midterm election like the rest of the world, but traders say this week’s inflation report may prove to be far more consequential to markets.
“Obviously this midterm election — because democracy is on the ballot — is a big deal in the eyes of the population,” Peter Tuchman, a veteran New York Stock Exchange floor trader, told CNN Business on Tuesday. “But how much it weighs on the economy is a good question.”
Markets have rallied in recent days as investors bet Republicans will take control of at least one chamber, leading to divided government. Traders typically believe gridlock is good because it means one party can’t push through legislation that messes things up.
In this case, that means Republicans can’t enact unfunded tax cuts and Democrats can’t push through unfunded…
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