In light of the insurrection at the US Capitol and in and around Washington DC today High Frequency Economics is suspending the regular publication of our research Notes for today. It is the first time we have done so since the terrorist attacks on New York and Washington DC of September 11, 2001.
This is not a time to remain quiet and hope for the best. It is incumbent upon every person who believes in democracy and the rule of law to make their voices heard in a call for peace and unity, regardless of political party or affiliation. The only way forward is together. We at High Frequency Economics are disgusted by the role of the President of the United States in inciting this riot, and we are saddened that he cannot find the character to stand up in front of the mob he has created, quell the violence and send everyone home. Responsibility for this outrage rests securely on his shoulders. He has lied, using the sanctity of his office to convince those with less power, income and resources than he to do his bidding. The handful of people breaking the law and resorting to violence represent only the slimmest fraction of Trump voters. The majority of Republicans, Democrats and independents condemn the actions of these rogue insurrectionists. Even so, to our readers around the world, we are embarrassed. We know that the United States can do better than the images that are displayed in the news.
This is a time for reflection, not market data or economic trends. However, to bring this back to our own remit—the economy and the markets—we expect this episode can and will affect investor sentiment about owning US securities. That said, we believe the United States’ institutions are strong enough to survive this insurrection, and that President-elect Biden will peacefully take office on January 20. However, we still have to get through the next 14 days before that happens. How smooth the process will be remains to be seen. Perhaps today’s events will motivate members of both parties—centrist, leftist and right-wing—to come together. That will play a large part in how policy will be implemented over the next four years.
We pray for a peaceful end to the rebellion at the Capitol, and for the health and safety of our elected officials, law enforcement officers and men and women of the military.
Carl Weinberg, Chief Economist & Founder
Rubeela Farooqi, Chief US Economist
Carisa Weinberg, Managing Editor