This comes as no surprise. Trump wants to further politicise the Fed as part of his desire to assert autocratic power over state institutions. He also likes short-term gains and thus favours high deficits and low interest rates.

One other intriguing factor gives us confidence that this is likely to happen. Trump historically operates with an eye on the interests of the Trump Organization which has recently been fined $454m for overstating property assets to support borrowing.

In July 2022, a Forbes investigation estimated this borrowing at $1.1 billion, with most of the sum due in 2028. This gives Trump a strong motivation to get the Fed to cut rates.

Record deficits and interest rate cuts – even as there is every sign that inflation does not want to lie down and go to sleep around the Fed’s long-term target rate of 2pc – implies a weaker dollar, a strong economy and rising inflation.

We are also confident that Trump will raise tariffs. In his first term, this was the big policy change he followed through on as so many other promises fell by the wayside. The Biden administration did not reduce these and now Trump is proposing surprising increases, particularly on China. 

He has also been talking about the unfair duopoly of Airbus and Boeing, linking subsidies for Airbus with Europe not pulling its weight in defence spending, and saying he will be levelling up this playing field.

Stockholdings in industries will benefit from this protection as well as the large deficit spending from the Inflation Reduction Act, which will stay in place.

We also know that Trump wants to return to “Drill baby drill”, using that particular expression from the fracking boom to provoke environmentalists.