James Knightley, the Chief International Economist at ING, provides his 2020 Fed view.

• "Given ongoing trade uncertainty, weak external demand and the strong dollar we are comfortable to be on the softer side of market expectations for GDP growth (1.4% versus 1.8% for 2020 GDP) and bond yields (targeting 1.4% in 1H20). Political uncertainty surrounding next year’s election could also see businesses taking a more cautious approach on expansion plans, with an emphasis on “wait and see”.
• With inflation looking benign the Fed has the flexibility to respond and so we continue to see the potential for two 25bp rate cuts in 1H20."