JPMorgan explains the danger of populist policies, and outlines how to hedge your portfolio if they materialize.
It's spread from the political arena into investing and economics commentary, thanks to policies like universal basic income and free college tuition. Once considered largely unworkable, they're now mainstream campaign platforms.
That's partly because populist leaders across the world have not fully acted the campaign promises that are considered the most damaging, according to John Normand, JPMorgan's head of cross-asset fundamental strategy. "The risk scenario is that the next group of populist leaders who might be running a government at some point in the next couple of years recognizes the negative consequences of their policies much later than current populist leaders have,"Normand told Business Insider.
These conditions, in turn, could make easier for the electorate to rationalize populist policies that may be detrimental to growth. He continued:"That's why US elections are a more material risk for markets than those for the EU Parliament. The EU Parliament doesn't have much authority, so populist control matters less."BANK OF AMERICA: The stocks outshining the market's powerful rally are poised for a sharp reversal — but there's a way to avoid the losses ahead
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