TORONTO — Stock markets in Canada and the U.S. fell Friday as investors began to digest the implications of a Donald Trump presidency.
His policies around tax cuts and tariffs could be inflationary, creating less certainty about the path for interest rate cuts, said Konstantin Boehmer, head of fixed income and portfolio manager at Mackenzie Investments. That means investors are asking many questions these days.
Markets were also weighed down on the interest rate outlook after U.S. Federal Reserve Chair Jerome Powell said there was no rush to lower them further, said Boehmer. Pharmaceutical stocks in the U.S. were under pressure after Trump said he wants Robert F. Kennedy Jr., a prominent anti-vaccine activist, to lead the Department of Health and Human Services. Moderna tumbled 7.3 per cent, and Pfizer fell 4.7 per cent amid concerns about a possible hit to profits.
Governor Tiff Macklem will have to carefully weigh the economic need for lower rates with the pressure it puts on the currency, said Boehmer.
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