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Analysts at Westpac explained that the US midterm elections were broadly in line with expectations.

Key Quotes:

“The Democrats captured the House but Republicans retained control of the Senate.”

“While markets were volatile as the votes were counted, the lack of a major surprise limits the net market response.”

“The outlook for trade policy and the Fed will be unchanged.”

“Major spending cuts and further tax cuts are both unlikely, while there could be some talk of an infrastructure package.”