[Institution: US Fiscal Policy May Tighten in 2027 Following Democratic Victory] According to a research report by George Bory, Chief Fixed Income Investment Strategist at Allspring Global Investments, US fiscal policy may shift towards tightening in 2027 following a Democratic victory. New fiscal stimulus measures are highly unlikely, while capital expenditure depreciation policies, tariffs, and defense spending are likely to face stricter scrutiny. Bory added that tax increases are improbable in the short term, but Democrats may begin preparing for the 2028 election. He stated that the US fiscal deficit may narrow next year, which would benefit bond investors.