NEW YORK (TheStreet) -- Republican Donald Trump is now the President-Elect of the United States. With his election comes a great deal of uncertainty, especially where the Federal Reserve is concerned.
It has been speculated the Fed would raise interest rates in December,. However, with Trump raising questions about Fed Chair Janet Yellen's motives during them presidential campaign, that event is becoming unlikely.
Art Cashin, UBS' (UBS) director of floor operations, discussed Trump and Yellen during Wednesday morning's "Squawk on the Street" on CNBC .
Asked if Yellen will remain chairman until her term ends in 2018, he responded, "We have to wait and see if Janet Yellen decides she wants to tender her resignation as an offering to an incoming president-elect, who was in fact critical of her."
During his campaign for president, Donald Trump accused Yellen of keeping interest rates low for political reasons. There is, however, no precedent for a Fed chair to resign as a new president comes in.
"But incoming presidents haven't been critical of past Fed chairmen so this is a little bit different here," Cashin said. "We'll wait and see. I think [Trump is] going to take this in a slow and steady pace. I'm going to look very carefully again at who he puts in the cabinet and any of the first overtures."