In a wide-ranging discussion during Commonwealth Financial Network’s annual conference on Nov. 4, the independent broker-dealer’s chief investment officer, Brad McMillan, addressed the major issues on every financial expert’s minds, but added his own twist to the received wisdom on the Federal Reserve and the presidential election.

When asked whether the Fed will raise rates at its Dec. 15-16 FOMC meeting, McMillan answered that “it isn’t a question of raising rates, it’s a question of normalizing rates.” The Fed, he said, has “backed itself into a corner,” and now must “hustle to catch up” with an improving economy by instituting a 25 basis point increase in December. It’s arguable, he suggested, that the Fed has “waited too long” to raise rates, though he also suggested that having the Fed governors take their own policy-making Hippocratic oath—“first, do no harm”—would be appropriate.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.