Election Day has arrived, and either Vice President Kamala Harris or former President Donald Trump will become the 47th president of the United States.

Raymond James' Washington policy analyst and managing director Ed Mills joins Morning Brief to examine top policy issues the elected official will have to deal with.

Mills points to two key policy issues that could influence market dynamics in the year ahead - the debt limit negotiations and the future of tax extensions.

Regarding the debt limit, Mills notes that the US will not default on its debt obligations. However, he warns this could still become "a bond market story for next year." The longer the debt limit remains unresolved, the more the Treasury markets could be depressed.

On the tax extension front, Mills notes Democrats would likely favor removing the $10,000 cap on state and local tax (SALT) deductions. However, investors would have to question how much Republicans would want to cut taxes in terms of size and how that would ultimately impact the federal deficit and bonds.

To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.

This post was written by Angel Smith