Danske Bank analysts point out that against the back of the new Federal "wait and see" approach and the better-than-expected jobs report for October, they now expect only one cut in the 3-6 million (previously three further cuts) from the US Federal Reserve.

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"The timing of the cut is difficult, but since the Fed wants to see how things go, the March meeting is probably the first possibility. Most FOMC members (including doves) said they believe the current policy stance is appropriate and that it will take more Of data deterioration for further reductions. "

“We keep our expectations lower as we still believe the US economy is more fragile than the Fed thinks and that renewed trade optimism is unlikely to be enough to trigger a rebound in commercial investment so far. Most weak indicators of investment intentions point to further Decline in commercial investment. "

“In our view, we need a more durable deal for investments to start again (we give a 50% chance of that). The global economy also looks fragile, especially in Europe, despite the early signs of stability in China.”