Analysts at BNP Paribas note that the U.S. growth is slowing and this trend is expected to continue under the influence of corporate investment (slower profits growth, uncertainty) and housing (declining trend of affordability).

• “Consumer spending should be more resilient. The trade dispute with China acts as an additional drag. Inflation is expected to decline, due to softer growth and weaker oil prices.
• We expect one more Fed Funds target rate cut of 25bp this year and two additional cuts in 2020.”