Coming out of May's FOMC meeting, the Federal Reserve has opted to hold interest rates where they are for now. While Wall Street worries over if any rate cuts will take shape in 2024, this year's presidential election presents another obstacle for the Federal Reserve and how officials conduct their monetary policy.

Citi Wealth Chief Investment Strategist and Chief Economist Steven Wieting sits down with Yahoo Finance to weigh in on how the Fed could act in the backdrop of the election cycle and rumors that former President Trump would not reappoint Fed Chair Jerome Powell if he is reelected.

"Given the larger scope of issues that the country faces, that the world faces... a small adjustment in monetary policy or the lack thereof is pretty small," Wieting says. "And, I think if you look back to 2018 when Fed Chairman Powell was under great political pressure, probably the greatest political pressure going back to the early 1980s, the Fed acted apolitically, did not again respond in any way in a personal way, did not care about their own personal... outcomes to do the right thing in terms of maintaining again the appropriate monetary policy. but they'll continue to act that way."

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This post was written by Luke Carberry Mogan.