We still view at least one or two more cuts over the next year as the most likely outcome.
We are incorporating three rate cuts (including this one) through 2020 into our bank forecasts.
The release put slowing household spending in the spotlight, supporting the case that the economic picture remains mixed.
Profitability is improving, but growth isn't perfect yet.
We have maintained our underlying rate hike assumptions for our U.S. banking coverage, which includes no rate hikes in 2019.