As expected, the US Federal Reserve kept its interest rate on hold at its meeting yesterday, with all indications that there will be no further rate cuts under chair Jerome Powell before he steps down in May. Speaking to the Financial Times, Brett Ryan, senior US economist at Deutsche Bank, said: “This isn’t a change to a slower pace of cuts. Christopher Waller, one of the four candidates being considered by Trump to be the next Fed chair, and Trump’s ally Stephen Miran called for a cut of 25 basis points. One reason why the unemployment rate has not risen is the cut in immigration and the lower labour participation rate. In demanding lower rates, Trump represents the interests of those sections involved in more speculative operations, including real estate, cryptocurrency and sections of the hedge funds and private capital.