Despite the support coming from the Fed rate cuts in 2019, analysts at BNP Paribas are expecting the US growth to slow in the near term under the influence of corporate investment (slower profits growth, trade uncertainty) and housing (declining trend of affordability, despite a recent rebound).

"Consumer spending should be more resilient but could slow on the back of a less dynamic labour market. As a consequence, we expect two Fed funds target rate cuts in the first half of 2020."