With Trump's victory in the US election and the likelihood that Republicans will control both the House and Senate, markets should expect most of his campaign promises to be fulfilled, according to Nordea analysis. The Federal Reserve is likely to automatically cut interest rates by 25 basis points tonight and in December, as they consider current rates restrictive. If the current strong economic development continues, coupled with the impact of Trump's victory, it should soon make the Fed less certain that these pre-emptive rate cuts are necessary. It will take some time for the impact of Trump's policies on inflation to be reflected in the CPI data, but we should start to see the impact on more hiring and lower immigration early next year. We're not sure when the Fed will finally decide to stop cutting rates, but most likely, the Fed will cut rates by another 25 basis points in March next year before the dovish-leaning FOMC is persuaded, although the likelihood of no rate cuts in 2025 is also high.