Here's What a Trump Presidency Means for the Economy

The upset presidential election victory of Donald J. Trump and the Republican hold of the House of Representatives and the Senate signal major changes ahead in both the federal government’s approach to growth and the Federal Reserve’s approach to monetary policy. Most evident will be a return of supply-side tax cuts, large operating fiscal deficits, and a move back toward more traditional monetary policies that, over time, should lead to higher short- and long-term interest rates. There are other implications of a Trump presidency, and a closer look shows changes coming for growth, taxes, infrastructure, interest rates and trade.