Analysts at TD Securities note that the U.S. Fed has increasingly put weight on global "crosscurrents" to explain its dovish pivot this year.

• “Prospects for a 2019H2 rebound in the global economy are remote, and expect further downgrades to the growth outlook in the coming months, in particular because of the recent escalation in trade tensions. We expect the FOMC to keep cutting interest rates at its next two meetings and again in 2020.”