Fed mouthpiece: If Republicans control both houses of Congress, the Fed may revise its basic assumptions in December

On November 6th "Nick Timiraos, a spokesperson for the Federal Reserve, wrote that Federal Reserve officials are now facing a question of whether the election results will lead to meaningful changes in economic demand or inflation, requiring a different policy path?" Timiraos said that officials will not change their policy stance until they understand President-elect Trump's proposed reforms in taxation, tariffs, and immigration. However, if the Republican Party also wins control of both houses of Congress, they may begin to modify some basic assumptions at the December meeting.