Opinion

Matthew Lynn

October 30, 2026 — 5:35pm

The oil price is rising. The war in the Gulf shows little sign of ending any time soon. France is leading the eurozone into a fresh crisis, and the AI bubble may burst at any moment.

There is no shortage of reasons to worry about the global economy. And yet there is at least one piece of good news on the horizon: Donald Trump is likely about to become the lamest of lame duck presidents.

Usually, a powerless US president could be dangerous for the rest of the world. Not this time. AP

Usually, a powerless president of the United States would be a problem. But given the scale of the havoc he has wreaked over the last two years, a period of paralysis in Washington will be exactly what the markets need.

In the midterm elections on November 3 , the Republicans look poised to suffer a defeat of epic proportions.…