According to Jin10 Data, Hooman Kaveh, chief investment officer of Mercer Consulting, said that the Federal Reserve is increasingly likely to remain on hold until the end of the year rather than get involved in the increasingly fierce US election race.

Kaveh told Bloomberg Television in Melbourne that the firm still expects two U.S. rate cuts by the end of the year, but that could change with Biden's withdrawal from the race and a possible Trump-Harris showdown.

Kaveh noted that economic growth is solid, employment is good although the trend is slightly down, and inflation is also good. As long as things look OK and the Fed's current policy is not overly stressed by any particular domestic or international factors, then they can probably rest easy.