My father, in the 1970's, took an adjustable rate mortgage because he thought there was no way they would keep hiking rates with a presidential election coming.

My father, in the 1970's, took an adjustable rate mortgage because he thought there was no way they would keep hiking rates with a presidential election coming. However, Volcker and company hiked the rates anyway (to levels far higher than today's), and he took a financial beating on his house payment. I'm sure the Democrats are not crazy about higher interest rates (although inflation is also bad politically), but they don't have control of the Fed, at least not in the short term.