In this week’s Macro Monday update, Chris Holdsworth, Chief Investment Strategist of Investec Wealth & Investment International, looks at what a Trump vs Harris win would mean for the US economy. He also comments on a slightly more hawkish tone from the latest FOMC, with the market now pricing in a 90% chance of a 25bp cut in November. Despite this, the S&P 500 closed at a record high on Friday. In South Africa, SOE performance is slowly grinding upwards, says Holdsworth, suggesting further upside to SA business confidence.