Nordea Bank analysis suggests that with Trump's victory in the US election and the Republican Party's likely control of both houses of Congress, the market should expect most of his campaign promises to be fulfilled. The Federal Reserve may automatically cut interest rates by 25 basis points tonight and in December because they believe the current rate is restrictive. If the current strong economic growth continues, along with the impact of Trump's victory, it should soon make the Federal Reserve less certain whether these preemptive rate cuts are necessary. The impact of Trump's policies on inflation needs to be reflected in CPI data over time, but we should begin to see the effects on more hiring and lower immigration at the beginning of next year. We are unsure when the Federal Reserve will ultimately decide to stop cutting rates, but it is most likely that the Federal Reserve will cut rates by 25 basis points again in March next year before the FOMC with dovish tendencies is convinced, although there is also a high probability that rates will not be cut in 2025.