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Election Is ‘Start of the Show, Not the End’

A financial expert sees three transitions continuing to shape the economy after the presidential election.

By James J. Green | Updated on November 07, 2016

In a wide-ranging discussion during Commonwealth Financial Network’s annual conference on Nov. 4, the independent broker-dealer’s chief investment officer, Brad McMillan, addressed the major issues on every financial expert’s minds, but added his own twist to the received wisdom on the Federal Reserve and the presidential election.

When asked whether the Fed will raise rates at its Dec. 15-16 FOMC meeting, McMillan answered that “it isn’t a question of raising rates, it’s a question of normalizing rates.” The Fed, he said, has “backed itself into a corner,” and now must “hustle to catch up” with an improving economy by instituting a 25 basis point increase in December. It’s arguable, he suggested, that the Fed has “waited too long” to raise rates, though he also suggested that having the Fed governors take their own policy-making Hippocratic oath—“first, do no harm”—would be appropriate.

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