Doll said he hopes the “cold” trade war between the United States and China does not escalate. Phase one of a trade agreement probably will be enacted soon and has already been priced into the markets, but that agreement is just a start. He doesn't believe much more progress on this front will occur until after the election.

“This year the differences between the two parties are bigger than usual, so the markets will pay attention to the election,” he noted. The divides that exist in the United States – regarding politics, wealth levels and age – are unhealthy for the country, said Doll, while predicting the status quo in Washington will remain after the election, meaning President Trump will be re-elected, the House of Representatives will remain in Democratic control and the Senate in Republican control.

“When an incumbent president runs for re-election and there is little challenge from within his own party and there is no recession, he will be re-elected,” Doll said.


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