Analysts at Nordea Markets note that at its latest meeting, the Fed decided to keep its Federal Funds target rate unchanged at 1.50%-1.75% with the dot plot indicating unchanged rates in 2020.

• "We still see the case for another rate cut in March as there are several questions marks about the economic outlook - especially related to the recession in the manufacturing sector and potential spill-overs to the service sector.
• If the production halt at Boeing does not end within the first few months of 2020, it all else equal increases the scope for the Fed to ease monetary policy in March - even if some of the negative effects could be temporary and primarily related to inventories."