Biden-Era Antitrust Guidelines to Remain Under Trump Administration

Key Points:

* Trump administration will continue Biden-era merger review policies.
* Decision dampens Wall Street's expectations of an M&A boom.
* FTC Chairman Andrew Ferguson emphasizes consistency in antitrust guidelines.
* Existing merger review framework, including factors considered by regulators, bleibt bestehen.

Implications for Wall Street:

* Market optimism over M&A activity under Trump has weakened.
* Banks' investment strategies based on a "supercycle" have been challenged.
* S&P 500 growth projections tempered by inflation fears and trade policy uncertainty.

Background:

* Investors had anticipated looser antitrust enforcement under Trump.
* Private companies have opposed tight merger guidelines, which have hindered acquisitions.
* Before Trump's inauguration, stocks rose on hopes of deregulation and tax cuts.
* Current market performance lags behind international peers due to policy uncertainty.