The U.S. general election represents significant political risk for markets, but the range of possible policy and market outcomes under Clinton is likely narrow, said Stephen Halmarick, head of economic and market research at First State Investments. As for great, yet unelected, branch of the government, Halmarick expects the Federal Reserve to hike interest rates in December. Following the initial thrust up, however, he believes the path to higher interest rates in the U.S. will remain very gradual. Halmarick expects global economic growth to remain stuck at around 3% in 2017 - essentially where it has been since 2011 - despite the extraordinary amount of current policy easing. One potential source of upside risk for the global economy and markets could be developments in fiscal policy, according to Halmarick.