As Wall Street grapples with the election of Donald Trump as the next US president, it appears the order of the day is uncertainty.

Among the myriad uncertain consequences of Trump’s election is the real possibility of a major shake-up at the Federal Reserve.

Jefferies economist Sean Darby said that in terms of possible problems for the economy going forward the “main risk is monetary policy uncertainty.”

The most striking uncertainty for some analysts is the political independence of the Fed — to not have monetary-policy decisions influenced by ever-shifting political tides has long been a key aspect of the central bank.

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