As political discord in Washington intensifies, so are investor fears over richly valued equity and corporate bond markets.
Hopes of a Republican-controlled Congress delivering tax cuts, infrastructure spending and deregulation have steadily faded since Donald Trump entered the Oval office in January.
The currency market has already given its verdict. Having leapt higher right after the election, the US dollar has fallen sharply this year. Meanwhile, a rally in the small, domestically focused US companies seen as the biggest beneficiaries of corporate taxes cuts and a stronger economy has fizzled.
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