David McNamara: US fiscal credibility facing scrutiny as election season begins

The tax and spending plans of incumbent Joe Biden and his rival Donald Trump will come into focus in the coming months

US president Joe Biden. Under both recent US administrations, the deficit has ballooned due to a confluence of policy and external factors. 

It was a relatively quiet week on markets, with activity across the main asset classes remaining muted.

The lack of macro data releases meant there was no new information to provide directional impetus.