With the world focused on a Clinton-Trump opposition, fundamentals are likely to be overlooked, creating volatility and opportunities for investors, writes Rowan Dartington’s Sue Evans.

Last week saw the last meaningful US Federal Open Market Committee this side of the US election.

As widely expected, they didn’t raise interest rates but gave strong hints that they may do so in December.

This was entirely consistent with previous public relations with the market – no surprises, everything choreographed and every word scripted.

The setting of US interest rates should now be a sideshow until after the US election, which falls on November 8 in case you hadn’t focused on it yet.

This feels just like the warm up to the Brexit vote in the UK, with all the political posturing, mud-slinging, analysis and commentary leading up to the big day.

And afterwards, the world carries on much as it did before with different egos and personalities in the spotlight for us all to criticise and gradually get annoyed with over time.

This week sees the first televised political debate between Trump and Clinton and it does present quite interesting viewing as the two candidates are so different.

It is quite surprising that the latest polls only show Clinton with a four point lead, given that Trump is such a marmite character.

Then again, perhaps as with the Brexit vote, it was evident then that the political establishment was out of kilter with the mood of the electorate and what appeared to be unlikely, suddenly became the desire of the voter.

All logic would say that Donald Trump is the most unlikely would-be President but given the questionable appeal of Hillary Clinton to some, it would be a fool that dismissed him.

He will have an army of spin-doctors seeking to control everything from his appearance to every word he utters for the sake of attaining the White House and that should not be underestimated.

It is highly likely there may be some more email server revelations waiting in the wings to be released at the opportune moment to damage Hillary.

One thing you can say about Trump is there is no hiding the fact of what he is and what his views are, no matter how distasteful they may be.

We have heard the offensive and ignorant views previously hence the widely reported view that ‘It is hers to lose’.

I would say equally, ‘It is his to win’ if he can appear more moderate and mainstream rather than a barnstorming showman.

Note how quiet and reserved Boris Johnson has become since he was appointed to Foreign Secretary – it is very easy to throw grenades from the outside until you are fully involved in the skirmish of international political negotiation and when power becomes reality.

All this means a likely large dose of suspended animation for the markets as we traverse the next eight weeks until voting day.

It is notable that the rhetoric against Russia is hardening following the breakdown of the Syrian ceasefire – the US citizen may be a supporter of this tougher line which can only help Trump.

That is also a worry for markets if we foresee a ramping up of posturing from the US but with the caveat that the US has no appetite for continuing to get involved with the world’s problems, as quoted by Trump himself.

It will be interesting to see how those two map out as the likes of Putin will have no respect for a Trump Presidency.

Of course, he may not get in after all, which is probably the most market friendly outcome.

But then again, we all said that about Brexit and look what happened. In addition, it could be argued that George W Bush should have been the most feared US President in terms of foreign military ambitions but this wasn’t perceived at the time.

Whatever the outcome, we are assured of weeks of speculation and polls, trying to predict the future and what the eventual winner will do. As ever in US politics, it will be a battle of style and substance and how much of the electorate believe the views of the candidates. This will be very closely watched by the markets.

And that presents more reasons for the fundamentals to be overlooked which means likely volatility and that provides investors with opportunities.