Inflation is likely to rise in the United States and around the world if newly elected US President Donald Trump follows through on his campaign promises to cut taxes, crack down on immigration and hike tariffs on all imported goods.

The president-elect’s immigration and tariff proposals, in particular, may lift inflation and create potential supply or demand shocks.

Following an outsized half point rate cut in September, the first in more than a year, investors have effectively locked-in the odds of a quarter point reduction from the Fed on T