Regardless of who wins November’s US presidential election, Vice President Kamala Harris or former President Donald Trump, there is little doubt that the outcome will have a profound impact on the country’s political climate. The economic implications, however, are less clear, owing to Trump’s lack of interest in policy and the Harris campaign’s efforts to divert attention from the increase in grocery prices under Joe Biden.

So far, financial markets have remained largely indifferent to the election, perhaps because investors assume that neither Harris nor Trump will secure cont...