The Fed's two-and-a-half-year battle to reduce inflation appears to have succeeded, but the US election could change that, according to Nick Timiraos, the Fed's mouthpiece. Both candidates support growth-boosting policies that could prevent inflation from falling further. But economists and even conservative advisers worry that the ideas Mr. Trump supports are particularly likely to stoke the flames of inflation. They include his proposals to impose sweeping tariffs on imports, expel workers and rely on the Fed to lower interest rates. Taken together, these policies are moving in the direction of inflation. Mr. Trump's proposals could put him in a new battle with the Fed, which is tasked with keeping inflation low. Anything that reignites inflation could cause officials to slow or even halt their plans to cut interest rates. (Jin Ten)