The Fed has raised its interest rate by 0.25%, but also shifted its longer-term strategy, says Saxo Bank’s head of FX strategy John Hardy.

Janet Yellen, chair of the Federal Reserve, said the economic outlook in the US was “highly uncertain” after the key rate was moved from 0.5% to 0.75%.

Hardy examines how the Fed will approach president-elect Donald Trump’s pledges to boost growth through tax cuts, fiscal spending and deregulation.