Federal Reserve policy makers are a bunch of “incredibly nerdy”technocrats who never discuss politics in their meetings, accordingto a senior official, while his colleague said the election ofDonald Trump as U.S. president shouldn't delay an interest-rateincrease next month.

“I am not seeing enough volatility here to change my basicprojection for the economy,” said Federal Reserve Bank of St. LouisPresident James Bullard on Thursday. “I think we are basically ontrack, the same way we were before the election,” he said in St.Louis. “Our view has called for a single rate increase and I thinkDecember would be a reasonable time to implement thatincrease.”

Republican Trump's shock victory on Nov. 8 initially sentstock markets plunging, though equity prices have recovered andbond yields risen in anticipation of the tax cuts andinfrastructure investment he promised voters. Investors currentlysee an 84 percent probability of a quarter percentage point hike attheir Dec. 13-14 meeting, according to pricing in federal fundsfutures.