“The notion that there will be a phase 2 and phase 3 is equal parts naive and hopeful,” Mark Stoeckle, chief executive officer and portfolio manager of the Adams Funds, said in an interview at Bloomberg’s New York headquarters. “They think they can wait out Donald Trump, that if he isn’t elected that somebody else will be easier to deal with. But I think the new reality is we’ll be at a trade war with China for a very, very long time.”

While this morning’s declines seem explainable by things other than domestic politics, would the market be OK if odds of impeachment rose significantly? Entirely different question. But unless that happens, investors said, the economy and the Fed are likely to keep calling the tune.

“Until we get to that point they feel confident enough that they actually have the votes to truly move forward to impeachment, I think the market is going to continue to see this as a background issue,” Jankovskis said.

This article provided by Bloomberg News.

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