ANZ rates strategist Jack Chambers said a Democratic clean sweep in the US midterms would make fiscal policy harder to adjust over the coming years — likely preventing further deficit widening but leaving deficits at elevated levels. He said he is skeptical the midterms will drive a sustained rally in US Treasuries; robust US activity indicators support further Fed rate hikes and imply Treasury yields may remain elevated.

2026-11-04

ANZ rates strategist Jack Chambers said a Democratic clean sweep in the US midterms would make fiscal policy harder to adjust over the coming years — likely preventing further deficit widening but leaving deficits at elevated levels. He said he is skeptical the midterms will drive a sustained rally in US Treasuries; robust US activity indicators support further Fed rate hikes and imply Treasury yields may remain elevated.