In this new environment and after the tough talking that took place during the Campaign, the Fed and notably its President Janet Yellen will be under particular scrutiny. Two Board of Governor seats are vacant and, with the approval of Congress, could quickly be filled. Moreover, Congress could be tempted to exert unwelcome pressure on the Fed, insisting on more “transparency“ in its decision-taking process (the so called “Audit of the Fed” initiative).

We believe that, confronted with a less friendly political environment, the Fed would continue to stick to its mandate and do its best to keep the economy running at its potential.

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by Florence Pisani, Global Head of Economic Research

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