Last month, the Federal Reserve raised interest rates for the first time in seven years. And as the calendar turned to 2016, the process to elect a new president—in a wide-open contest—begins in earnest.
How will these two factors impact your money? According to some experts, not as much as people might expect.
"I'm expecting the economy to be a bit lackluster," Peter Goettler, president and CEO of the Cato Institute told CNBC's On The Money in an interview. The leader of the libertarian think tank said he didn't think the Fed's moves will result in significantly higher interest rates.
"As long as the Fed is focused on inflation, economic growth (and) the employment picture… I'm not expecting interest rates to get away from us," Goettler said. He expects the Fed to raise rates higher "only a couple times" in 2016, slightly less than the emerging market consensus of a pace of one hike per quarter.
Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities, tells CNBC he also sees additional rate hikes in the months ahead. However, "I think we'll see some, but I don't know that we'll see the three or four that most people are predicting," Bernstein added.
Bernstein says the "Federal Reserve's own rate hike schedule" is based on the central bank's prediction that inflation will "revert to form, to start rising much more close to their two percent target, and they consistently miss that." Inflation has remained tame, largely because of a steep drop in energy costs—led by a washout in commodities and oil prices.