Quoting President Biden at a fundraiser earlier this year - There is one existential threat: it’s Donald Trump. It was just last Monday on a phone call with his donors that President Biden said, “It’s time to put Trump in the bullseye”.
Positive news on inflation along with a solid start to the second quarter earnings season have led to a series of new highs for stocks and the momentum trade has continued but also importantly if there’s to be staying power within the rally – the breadth of the gains has extended to stocks and sectors previously left out of the mix.
Many may not associate George H.W. Bush with having won the biggest election win since Reagan because he lost his reelection bid four years later but that’s the case with an extremely high bar that’s set for any presidential candidate to clear.