The one thing markets and pollsters were not expecting, a Republican clean sweep of the Presidency, House and Senate, has happened. The disenfranchised industrial heartland of America deserted the Democrats and swung behind Donald Trump, even though the popular vote was close. The shock result sent equities and the dollar lower before closing higher. Long dated US Treasuries initially rallied and then sold-off as the market assessed the fiscal implications. The full implications of what has happened will play out over time but one thing we can be sure of is that US politics has got a lot more interesting.