On the latest episode of Capitol Gains, Raymond James Managing Director Ed Mills joins Yahoo Finance's Rachelle Akuffo, Washington Correspondent Ben Werschkul, and Senior Columnist Rick Newman to give insight into the probability of a Democratic or Republican sweep during the 2024 election and what either of those scenarios would mean for economic policy and inflation.

According to Mills, a Republican sweep could impact key Biden administration policies, including the Inflation Reduction Act. The corporate tax rate could go up after a Democratic sweep.

He also considers which party's policies would cause higher inflation. "I think the knee-jerk reaction for a lot of folks has been Democrats, especially because we've had inflation during the Biden administration," he says, noting that Democratic policies could cause a second wave of inflation. Yet Mills also says, "but as I look at some of what Trump is proposing from, you know, tariffs to kind of higher deficits, to stricter immigration, those are all inflationary pressure."

Listen to the full episode of Capitol Gains here.

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This post was written by Meredith Lawrence.