📰 FED FACES COMMUNICATION CHALLENGE AFTER TRUMP WIN It is beyond the Fed’s mandate to react to anticipated fiscal-policy changes, but that backdrop will be on central bankers’ radar right away, Jefferies Global Head of FX Brad Bechtel tells The Wall Street Journal. “Jay Powell has proved himself very effective at communicating, at keeping the ball right down the middle of the fairway,” Bechtel says. “I don’t think he’ll necessarily explicitly talk about any increased spending, but he’ll know in the back of his mind that there will be a positive economic impulse.” More Fed cuts this year are likely, but the central bank may hold rates steady next year at a higher rate than they would have under a Harris administration, Bechtel says.