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Boaz Weinstein, a prominent investment manager, said Tuesday that although uncertainty over the November presidential election in the United States may cause market volatility, President Joe Biden is “better” for the bond market.
Weinstein, who leads Saba Capital Management, was speaking at Bloomberg Invest in New York when he was asked about the contest for the White House between Biden and former President Donald Trump.
“Biden is better for the bond market,” Weinstein said, adding that “Biden is less motivated by the stock market” and is more concerned with what is best for the nation and its residents.
The stock market has been rising for weeks and has set records as investors are happy to see inflation slowing. Investors have been concerned for some time that ongoing price pressures would prevent the Federal Reserve from lowering interest rates as swiftly as earlier and more positive projections had predicted.
Aside from monetary policy worries, many bond investors are concerned that neither candidate would prioritize fiscal sustainability, and that continued rises in outstanding government debt will eventually lead to a rise in bond rates.
Weinstein made news most recently last year when he, billionaire investors Bill Ackman, Marc Lasry, and Jeff Yass launched a competing bid to purchase Sculptor Capital Management after the business agreed to sell to Rithm Capital.
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