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John Normand, Head of cross-asset fundamental strategy at JPMorgan Chase provide key insights on how the markets should position themselves following a formal impeachment investigation of President Donald Trump launched on Tuesday.

Key Quotes:

“Despite the drama this process will inject into the rest of the President’s first term, there is little justification for altering asset allocation now, unless one thinks that this issue is the decisive one that tips the US economy into sub-trend growth and/or a profits recession.”

“To us, impeachment more seems yet another constraint on returns over the next year, given the newer uncertainties created around international and domestic policy.”