PNC Economist: Market Opens Lower, Fed Rate Hike Less Likely

SUMMARY

• U.S. stock markets have opened lower after Trump’s surprise victory in the U.S. presidential election, although they

• have come back from larger overnight declines.
• A President Trump is likely to reverse the general bipartisan consensus in favor of free trade and immigration.
• Large personal income tax cuts are likely in the near term, perhaps with corporate tax cuts as well. The U.S. budget
• deficit is set to increase over the next few years.
• Repeal of the Affordable Care Act is also likely.
• Trump’s victory makes an increase in the fed funds rate in December less likely.

Full economic report available at www.pnc.com.