# U.S. Midterms: What Investors Should Watch

Page: https://stenobird.com/podcast/thoughts-on-the-market-980853/u-s-midterms-what-investors-should-watch
Text version: https://stenobird.com/podcast/thoughts-on-the-market-980853/u-s-midterms-what-investors-should-watch.md
Podcast: [Thoughts on the Market](https://stenobird.com/podcast/thoughts-on-the-market-980853)
Published: 2026-04-22T20:00:00+00:00
Episode link: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/c0a280bf-c0a0-4689-8b8e-7c38cb924543.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
Audio file: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/c0a280bf-c0a0-4689-8b8e-7c38cb924543.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
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Duration seconds: 439

## Resource

Although the conflict in Iran keeps dominating the news cycle, investors have an eye on the upcoming U.S. midterm elections. Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore consider policy implications – from healthcare and consumer to AI. Read more  insights  from Morgan Stanley. ----- Transcript ----- Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley. Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research. Michael Zezas: Today we're discussing the midterm elections and their implications for U.S. markets. It's Wednesday, April 22nd at 10am in New York. All right, so Ariana, midterm elections are coming up. And I feel like every cycle we hear the same question. How much do elections actually matter for markets? Ariana Salvatore: Yeah, I would say, you know, we're still six months out and obviously a lot of the market's focus has been on the U.S.-Iran conflict. But it does keep coming up in our conversations with investors. And to your question, our view is these elections probably matter a little bit less than people think, at least from a macro perspective. Michael Zezas: Okay, so that seems a bit counterintuitive, right? Because policy has felt like a huge driver of markets recently. Tariffs. Geopolitics. Really all the above. Ariana Salvatore: Exactly. But there's some nuance here. So, policy does matter, but the big takeaway is that the direction of policy doesn't really change based on the midterms. That's because some of the key policy variables that you mentioned – trade, geopolitics, also deregulation – those are all likely to keep going regardless of who wins. At the same time, it's worth noting upfront that t…

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## Transcript

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