The election of Donald Trump isn’t going to derail the Fed’s expected interest rate increase next month, says Federal Reserve Bank of St. Louis President James Bullard.
Bullard says there isn’t enough volatility in markets to justify pushing back December’s rate hike, and his comments come as Fed officials increasingly close ranks to defend their independence from political influence, Bloomberg reports. Investors currently forecast an 82% chance of a quarter percentage point hike to short-term interest rates at the Fed’s December meeting.
During his campaign, Trump had accused the Fed of keeping rates low to help President Obama, and Hillary Clinton by association, but the President-elect has not commented on the Fed since his victory. [Bloomberg]
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