Odaily News JPMorgan analysts say a second term for Donald Trump appears to be a path to inflation that markets may not be ready for. "The market does not appear to have priced in the risk premium on the inflationary impact of the Trump campaign's main policies," JPMorgan analysts said in a note to clients. JPMorgan listed statements from the Trump campaign that proposed the following policy goals: plans to extend the 2017 tax cuts, severely restrict immigration through a program to deport illegal immigrants, and impose tariffs on imported goods. The report argues that these moves could all lead to inflation. Analysts note that Trump also plans to replace Federal Reserve Chairman Jerome Powell after his term ends and is "talking" about amending the law to reduce the Fed's independence. But it adds that even if Republicans control both the House and Senate, amending the Federal Reserve Act to weaken the Fed's independence seems unlikely to gain enough support in Congress. The report, released ahead of the presidential debate, concludes that "Trump's policies overall could mean significant upside risks to inflation, inflation expectations, and U.S. Treasury issuance." (DL News)