Rabobank's analysts suggest that, while there is scope for a reprieve if the U.S. and China make some compromises on trade, the headwinds facing world growth have already brought a series of policy measures from central banks across the globe this year.

• “For G10 countries, however, there is no escaping the fact that only the Fed and possibly the BoC attained any traction at normalizing interest rates after the shock of the GFC.
• With interest rates so low, central banks face the dilemma of diminishing returns to monetary policy moves. For some, the risks associated with house price inflation and high levels of household debt are also a consideration for monetary policy settings.
• The consequence is that pressure on governments to use fiscal policies to support growth is widening.”