Legal & General Investment Management (LGIM), the U.K.’s largest asset manager, has decided to abandon its bet on the steepening of the Treasury curve. This decision comes in the wake of President Joe Biden‘s unexpected withdrawal from the U.S. election race.
“We took off our steepening exposure because we thought Biden dropping out would stop the momentum that has been building behind a Republican clean sweep,” Jeffery explained. LGIM manages approximately $1.5 trillion in assets.
Vice President Kamala Harris Harris’s rise potentially sets the stage for a closer contest in November. A divided government would make it more difficult to implement significant policy changes.
Jeffery added, “It's unclear to what extent it effects the presidential outcome but it does change the prospect for voter turnout on the Democrat side.”
A new election poll shows a close head-to-head battle between Harris and Trump, with 65% of Democrats also said that Biden stepping down increases the party’s chances of winning the 2024 election.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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