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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

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

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  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,111,902 — Total deaths: 133,195 — Total recoveries: 969,111 — Total tested: 38,032,966Map.
  3. Public health: More young people are spreading the virus Cases rise in 33 statesFlorida reports highest single-day death toll since pandemic began.
  4. Science: World Health Organization acknowledges airborne transmission of coronavirus.
  5. 1 🐂 thing: How the world could monitor for potential pandemic animal viruses.
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Countries grapple with whether to lock back down as hotspots emerge

Tokyo in the time of coronavirus. Photo: Charly Triballeau/AFP via Getty

Many politicians and public health officials sounded a similar lockdown refrain in the spring: let’s do this right so we only have to do it once.

Reality check: While some countries have thus far managed to keep cases under control after opening up, dozens of countries that had initially turned a corner are now seeing a worrying rebound. They have to decide if and how to return to lockdown — and whether their populations will stand for it.