According to his blog published today (November 13), economist Ethan Harris—former chief economist at JPMorgan and Bank of America—predicted the Federal Reserve will pursue a hawkish policy direction with three additional rate hikes ahead. Harris noted that Democratic control of the Senate will prevent the Trump administration from filling Fed vacancies with loyalists, preserving the Fed's professional independence. Despite potential Trump-aligned appointees, the FOMC will remain dominated by expert bureaucrats, Harris said.

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