President-elect Joe Biden will take office on January 20 with what is, from his perspective, a challenging makeup in the 117th United States Congress. National opinion polls leading up to the election favored a so-called "Blue Wave," a Democratic sweep including nominal control of the Senate and a larger majority in the House of Representatives. In the end, Republicans narrowed the gap in the House and will retain a slim Senate edge if at least one of the runoff elections in Georgia goes their way. Remarkably, after the most contested and vituperative election in the modern era, the ingenious American system of democracy worked again, drawing 62% of eligible voters during a once-in-a-century pandemic.
For investors, it may prove to be the best possible outcome.
It is often forgotten that U.S.