Financial markets have been in “risk-on” mode of late with optimism around global economic and political dynamics. Similarly, central banks have hit the “pause” button as we approach the end of the year. Additional stimulus has already been deployed, with each of the RBA, the RBNZ and the US FOMC having lowered rates by 75bps so far in 2019.Policy makers are now monitoring developments to assess how economies respond. We have pushed back the timing of our next US FOMC cut from December to the March quarter 2020, but we still see a further three rate cuts. We have also pushed back the timing of the RBNZ cut from ... (full story)