NEW YORK (TheStreet) -- Donald Trump came out on top Tuesday night, claiming his spot in history as the 45th President of the United States. The businessman and former reality TV star will take office in January, but his election to the highest seat in U.S. government brings with it a level of uncertainty.

One of the issues market watchers are paying closer attention to since Trump's victory is the likelihood that the Federal Reserve will increase interest rates in December. It has been speculated that the U.S. central bank would increase rates next month, but things aren't as clear now.

"It's really an open question at this point, I think it's going to depend on what we see markets do in the next couple of days," Bloomberg economics reporter Jeanna Smialek said in an appearance on BloombergTV's "Bloomberg Markets" on Wednesday afternoon.

If there is a sustained period of volatility, it could give the Fed pause. Members won't want to tighten rates during a time when financial conditions are already tight as a result of volatility.

"At the same time, they're seeing inflation build up, and so they're going to want to raise rates sooner rather than later. I don't think the fact that Donald Trump won last night is going to diminish that in any way," Smialek continued.

BloombergTV's Mike McKee mentioned speculation about new regulations to "rein in" the Fed and have it use a new set of rules on interest rates. McKee asked Smialek how concerned Fed officials are about that now.

"So what we know is that historically over the last couple of years as these proposals have cropped up in Congress time and again, Fed officials have been very worried about them," she responded. "You know, I remember a speech John Williams gave a couple of years ago that basically just laid out all of the reasons that rule-based policy is a terrible idea, because it really constrains the Fed's flexibility."

Such a structure would restrict the Fed's ability to react to incoming data and changes that may interact with one another in a way that the rules may not accommodate.

"They will be concerned that [a rule-based policy] might come from the Trump presidency," Smialek said. "That's because we've seen Trump's economic advisors support rule-based policies in the past. So it remains to be seen whether the candidate himself will embrace it. But I think that's something that will be top of mind."

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