David Kelly, chief global strategist at JPMorgan Asset Management, said the Fed could pause its easing cycle as early as December if Mr. Trump wins the US election this week, as his expansionary fiscal policy plans will push up inflation and prevent interest rates from falling. Kelly pointed out that if the Republicans win Trump's victory, there will be more expansionary fiscal policies, which could lead to trade wars, widening deficits, and higher interest rates. On the other hand, Kelly said that if Vice President Harris wins, the economy may continue its soft landing trajectory. In this case, the Federal Reserve may stick to its expected path of easing policy.