The past week witnessed a yo-yo in expectations regarding how much the US might lower interest rates. Initial fears that the relative strength in US economic activity would not allow for rates to be decreased negatively affected markets, helped the Dollar, and caused the Rand to depreciate against the greenback. Hopes for rate cuts were also dampened by the support of former Fed governors for Lisa Cook, who is seen as an opponent of large-scale rate cuts, to remain a Fed Governor despite Trump’s attempts to oust her.