By Michael S. Derby

(Reuters) – Federal Reserve Chairman Jerome Powell stated that the central bank will not influence its policy-making choices based on the recent election outcomes.

"In the near term, the election will have no effects on our policy decisions," Powell said during a press conference after a Fed meeting that resulted in a predicted rate cut. "We don’t guess, speculate, and we don’t assume" what future government policies will be, Powell added, noting the return of former President Donald Trump to office, which is likely to expand deficits and increase inflationary pressures.