Whoever wins the White House in November will be confronted with achanging US economy. While the US has remained remarkably resilientdespite rising interest rates and global uncertainty, it has become moreprone to inflation volatility, given a larger exposure to frequent supplyshocks and structural labor shortages. Against this backdrop, demandboosting policies (such as tax cuts) or supply-hurting policies (tariff hikes)could re-ignite inflation faster and push up interest rates. Social
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