Municipal investors are now mulling what the shifting policy agenda under a Donald Trump presidency and Republican Congress could mean for their portfolios – and we see opportunities for active management amid the related volatility.

Now that we have clarity on the U.S. election and seem to be on the precipice of a Fed hike, it is time to refresh the rules for investing for capital preservation.

A more differentiated view of the potential long-term economic and policy consequences of President-elect Trump must take on board both the considerable uncertainties still surrounding the next U.S. administration’s economic policies and the global links between economies and markets.

Here’s our view on what a Trump presidency and Republican Congress likely mean for markets over the near, medium and longer terms.

A handful of key battleground states will likely dictate next Tuesday’s outcome, as in so many prior races.