Fed Will Likely Sit on Sidelines in December Following Trump Win

Trump's acceptance speech hints at big plans for infrastructure stimulus spending, but getting any plan through congress will likely be a challenge.
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Trump's acceptance speech hints at big plans for infrastructure stimulus spending, but getting any plan through congress could be a challenge. Pantheon Macroeconomics Chief Economist Ian Shepherdson says that although Trump will have a Republican-controlled congress, it's not necessarily a unified party. But, if he's able to pass stimulus and tax cuts at the level he has talked about, it would easily avoid a U.S. recession next year. "What it means is a potentially huge change for U.S. fiscal policy because Donald Trump is proposing a gigantic tax cut of $9.5 trillion over 10 years which is the sort of stimulus we have never seen in peace time. Plus, he also talked about in his victory speech tonight a lot about infrastructure spending as well. So, on both sides of the public accounts we're seeing a substantial loosening of policy," says Shepherdson. TheStreet's Ruben Ramirez has more from Wall Street.