It's a matter of fiscal policy if we will see higher rates. If someone like Yang is elected with his free $1000 per month, we will see quick inflation and less

It's a matter of fiscal policy if we will see higher rates. If someone like Yang is elected with his free $1000 per month, we will see quick inflation and less people looking for work. The Fed mandate is to maintain some price stability and full employment (of people asking for jobs), so we will see higher rates in this case. If the banks start to crash and burn we can see non-leaking reserve QE in the same time. Some people believe the bond markets can force higher interest rates and QT, but this seems less likely now. If nobody is buying new bonds for example, people think Fed will be pressured to override normal mandate, even though they should be independent.