Allspring Global Investments fixed-income chief investment strategist George Bori says a Democratic election win could shift US fiscal policy toward tightening in 2027. New fiscal stimulus is unlikely; capital-expense depreciation rules, tariffs and defense spending may face stricter review. Near-term tax hikes are unlikely, but Democrats could begin positioning ahead of the 2028 election. Bori says the US fiscal deficit may narrow next year, potentially supporting bonds.

2026-11-05

Allspring Global Investments fixed-income chief investment strategist George Bori says a Democratic election win could shift US fiscal policy toward tightening in 2027. New fiscal stimulus is unlikely; capital-expense depreciation rules, tariffs and defense spending may face stricter review. Near-term tax hikes are unlikely, but Democrats could begin positioning ahead of the 2028 election. Bori says the US fiscal deficit may narrow next year, potentially supporting bonds.