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.
