The big question is whether Trump’s surprise win -- and the break-with-the-past policies he’s professed -- will so unsettle investors and shake financial markets that it will undercut the expansion.

If the markets are able to recover after his victory -- as they did following Britain’s unexpected vote to leave the European Union in June -- that would give Trump time to put his trade and immigration ideas in effect without having to deal with a downturn as well.

The Federal Reserve, which has frequently killed off economic upswings by sharply tightening credit, has leeway to keep interest rates subdued this time because inflation is low. As measured by the personal consumption expenditure price index, inflation was 1.2 percent in the 12 months through September, below the central bank’s 2 percent goal.

Employees are already reaping the benefits from a tighter jobs market, with average hourly earnings climbing last month at their fastest annual pace in seven years.

As a result, the expansion has “pretty solid foundations” as consumers spend out of income rather than take on a lot more debt, according to Nariman Behravesh, chief economist for consulting firm IHS Inc. in Lexington, Massachusetts.

Even if such optimism rings true and the recovery has room to run, that doesn’t mean it will be all plain sailing for President-elect Trump. Moody’s Analytics Inc.’s Chief Economist Mark Zandi calculates that the next recession could come in 2020 as rising inflation prompts the Fed to jack up interest rates, undercutting growth in the process. Zandi is a registered Democrat and donated to Clinton’s campaign.

“The next president could have three years of expansion but the election year might be tough,” he said.

This article was provided by Bloomberg News.

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