The US economy is set to disappoint next year and the stock market will deliver unimpressive performance, according to Fidelity International’s London fund managers — thanks to Democrats’ expected partial victory in elections this month.

Anna Stupnytska, global economist at the asset manager, said in a note this morning that “in our baseline scenario of a split Congress, we believe US [gross domestic product] growth is likely to disappoint, coming in below the current Bloomberg consensus of 2.5% in 2019 and 1.9% in 2020.