Former Federal Reserve Vice Chairperson Randall Quarles: Tariffs could lead to a rate cut by the Federal Reserve to some extent. Expect a large number of people to be deported from the United States, but it will not affect the labor market. (Jin Ten)
Fed Chairperson Jerome Powell said the election would have no impact on policy in the short term. The timing and substance of the change in government policy is unclear. So it is unclear how policy will affect the Fed's goals.