RBC: Democratic Midterm Sweep Could Lift Treasuries on AI Regulation Risk

This is less a Treasury call than a reminder that AI policy risk is now being priced through macro channels, not just tech equities. The RBC team's low confidence is the honest part: a Democratic sweep cuts two ways, with safe-haven demand from regulatory uncertainty competing against fiscal worry. That tension is what makes the scenario hard to trade rather than a clean directional signal. Worth watching is whether strategists begin framing AI regulation as a sovereign-debt variable at all — that shift in framing, more than any single election outcome, is the notable development here.