Investors expecting a Democratic clean sweep in next week’s elections will have one source of solace to cling to if the result is instead a Democratic White House and a Republican Senate, according to JPMorgan.

The Democrats will struggle to pass a large fiscal stimulus to tackle the coronavirus crisis if they fail to take the Senate. In the absence of a giant stimulus package, the Federal Reserve may intervene in the bond market by increasing its purchases of the securities, says JPMorgan’s head of cross-asset fundamental research.