For all his big talk and wild tweeting, Donald Trump doesn't have control of the US economy - and it drives him crazy.

As will be clear tomorrow morning, the real power to steer global economic direction rests with the US Federal Reserve - the equivalent of our Reserve Bank.

The eyes of all the world will be on US Fed chair Jerome Powell early tomorrow (NZT) as he makes what is expected to be the first cut to US interest rates in a decade.

The market has priced in a minimum 0.25 per cent cut to US rates, said

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