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Expand chart
Reproduced from LPL Financial; Chart: Axios Visuals

It's still early days in a possible impeachment process, but "it would be complacent to think that the impeachment process just adds another ring to the circus," cross-asset strategists at JPMorgan warn in a note to clients.

What they're saying: They point out 4 important variables about the expected impeachment drama in Washington:

  1. "US constitutional conflicts like the impeachment process are rare events, with [prior] market outcomes too context-specific" to use as a rubric.
  2. "The unique context now involves four elements — global growth slowdown, classic late-cycle vulnerabilities, high market valuations but somewhat defensive investor positioning."
  3. The "international wildcards are the implications for US-China trade and US-Iran relations."
  4. "The domestic wildcard is the implication for 2020 Presidential and Senate elections."

Be smart: Analysts at BMO Capital Markets point out that the Fed was "in the midst of a 75 bp fine-tuning series of rate cuts" during former President Bill Clinton's impeachment scandal and "should probably get more credit for the positive growth sentiment than the risk of a presidential ousting."

Go deeper: The market just wants a U.S.-China trade deal

Go deeper

Prosecutor: Fatal police shooting of Andrew Brown Jr. was "justified"

Khalil Ferebee (C), the son of Andrew Brown Jr., and attorneys Bakari Sellers (L) and Harry Daniel (R) at a May 11 news conference in Elizabeth City, North Carolina. Photo: Sean Rayford/Getty Images

A North Carolina prosecutor said Tuesday that the death of Andrew Brown Jr., a Black man fatally shot by sheriff's deputies last month, was "tragic" but "justified," due to the immediate threat officers believed Brown posed.

Why it matters: The FBI has opened a civil rights investigation into Brown's death. Police in Elizabeth City shot him five times, including in the back of his head, according to an independent autopsy report released by family attorneys last month.

McCarthy comes out against bipartisan deal on Jan. 6 commission

Photo: Win McNamee/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) will oppose a bipartisan deal announced last week that would form a 9/11-style commission to investigate the Jan. 6 Capitol riot, his office announced Tuesday.

Why it matters: McCarthy's opposition to the deal, which was negotiated by the top Republican and Democrat on the House Homeland Security Committee, underscores the internal divisions that continue to plague the GOP in the wake of Jan. 6.

2 hours ago - World

Beijing's antitrust push poses a problem for Western regulators

Illustration: Sarah Grillo/Axios

The Chinese government's anti-monopoly machinery presents a major challenge to U.S. and European regulators, a new book argues.

Why it matters: China's huge markets are attracting investment from multinational corporations and shaping the behavior of its own globe-trotting companies — giving international heft to the country's idiosyncratic antitrust enforcement and putting it on a collision course with Western-style regulation.