Just a reminder that as of the last Fed meeting, 9 of the 19 Fed members were still only looking for 1 more interest rate cut this year. After today, that means close to half of them would be fine not cutting again this year.

Now think about the political make-up of the Fed and the potential reaction function with a Republican sweep administration.

I would assume that most of the doves were more left leaning in nature, particularly those that were appointed by Biden. I am thinking specifically of folks like Jefferson, Kugler, Barr and Cook. Even those like Williams and Daly may be more inclined to think about this now as well (forget Goolsbee, he's a doves dove).

Now that the Dems are out of power, there is probably on the margin less desire by them to continue with their dovish ways in order to save the labor market and perhaps more concern about the prospects of a return of inflation next year with a more aggressive Trump pro-growth/pro-tariff/pro-deficit policy.

Do we start to see a turn at the Fed now shifting in a more hawkish direction, accepting of less accommodation next year now out of fear about the upside risks coming back from inflation?

I know individual politics doesn't factor into their decision but cmon, ya gotta wonder