by Patrick O’Hare
That thing that wasn’t supposed to happen has happened. A majority of voters in the UK voted in favor of leaving the European Union. It was an historic decision, the full implications of which are unknown and won’t be known for years.
The first implication, however, is that it has created a heightened sense of uncertainty that has reverberated in capital markets around the globe.
Pow! Goes the Status Quo
In our preview of the Brexit vote on May 20, we highlighted for readers why a winning “Leave” vote would be particularly disruptive. Briefly, we said then that it would be disruptive because it would blow up the status quo and usher in a heightened sense of uncertainty.