We need a calmer America if we are to have a calmer Britain and Europe. It looks as though that is what the US democratic system is trying deliver
have given a clear signal that voters want political stability, and that is good news for the economy, for finance – and for the rest of us on this side of the Atlantic.
Oversimplifying a bit, the main driver of inflation in America has been excess demand, whereas in the UK and Europe it has been higher energy prices. The modest shift of power in the House away from the Democrats means there will be no big spending or tax measures in the next two years. And the result of that will be to take pressure off the Federal Reserve to increase rates to contain inflation. Tighter fiscal policy means looser monetary policy.
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