US Special Counsel Robert Mueller on Wednesday offered his first public account of a 22-month investigation he led into the 2016 US presidential election and President Donald Trump’s response to the probe. In brief televised remarks, the former FBI director said “if we had confidence that the president did not commit a crime, we would have said so,” while noting any presidential wrongdoing would need to be addressed by “a process other than the criminal justice system”.

Mueller’s comments effectively passed responsibility over to Congress. But while the volume around impeachment may rise, we see several reasons investors should look past the noise:

* Impeachment is possible, but unlikely. Mueller’s statement has strengthened Democratic pressure to seek impeachment, with at least three Democratic presidential candidates joining the calls. However, Speaker of the House Nancy Pelosi has said she would want an “iron-clad case” before proceeding, and has previously noted concerns impeachment could backfire on her party in the 2020 presidential elections.

* Actual removal is highly unlikely. Impeachment is more a political process than a legal one. Even if the Democratic-controlled House were to impeach President Trump, actual removal would require significant bipartisan support in the Senate. President Trump retains a 90% approval rating among his party, and so far we have not seen a “smoking gun”.

* Neither would likely have a lasting market impact. Historical precedent suggests the impact of impeachment proceedings would be short-lived. In the Clinton era, markets moved higher through the proceedings. And while a wounded President Trump could adopt a more combative stance both at home and abroad, legislative and judicial branches should offer sufficient checks to limit economic harm. In the unlikely event a Senate conviction ended President Trump's term early, Vice President Mike Pence's record suggests he would maintain the status quo on most Trump administration policies. So while media and political commentary may heat up, we recommend against trading in anticipation or reaction to political headlines. In our recent note “Be prepared: Plan, Protect, and Grow,” we suggest investors remain invested and look to protect against expected further bouts of volatility.