The results of the latest WashPost/ABC poll are a bit surprising and should have the White House a little worried,
Public disapproval of President Obama’s handling of the economy is again on the rise, alongside increasing gas prices. One political consequence: The president’s momentum has stalled, with Mitt Romney and Rick Santorum running about evenly against him in hypothetical general-election matchups.
(Click here for related article)
We’re fairly nonpartisan and independents here at the Global Macro Monitor but if Romney gets the Republican nod and this trend continues, the markets will begin to price a change in Administration. And it’s our bet they will like a Romney Presidency and equities will rocket higher. Recall the 14 percent move in the S&P500 from August to December 2004 as Bush 43 began to and ultimately secured his second term.
It’s going to be an interesting rest of the year. Stay tuned!
P.S. If it’s gas prices driving down the President’s poll numbers, how long before the USG releases some oil from the SPR?
(click here if poll is not observable)