Guess what: interest rates are going up

The most certain certainty that following the election rates would go up, and if Trump won, they would go up sooner and faster. From the oh so non-political Fed:

While there’s growing confidence in a rate hike in December, Yellen may not be able to give the bicameral Joint Economic Committee in Washington many additional details on the more distant path for monetary policy. The future is loaded with more than the usual amount of hypotheticals that could alter the central bank’s economic forecasts and rate-hiking speed.

Federal funds futures markets indicate a 94 percent chance that the Fed will increase rates by 25 basis points at its December meeting. On Tuesday, Fed Governor Daniel Tarullo — who historically has supported maintaining easy policy to help pull workers back into the labor market — said there’s now a stronger case for talking about hiking to avoid overheating, adding his to the chorus of voices signaling that an increase has become more imminent.

But it’s a good thing in the end. Low rates are a killer, but don’t expect most economists to be able to tell you why.

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