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The third quarter of 2019 was marked by key monetary policy decisions. The ECB and the Federal Reserve stood out, among a few other central banks. There is speculation about the fact that the monetary policy is shifting to dovish.

While some central banks, such as the Fed, remain optimistic, others have clearly shifted the bias. The European Central Bank restarted its quantitative easing program during the period. This comes just after ending QE in December 2018.

The Federal Reserve delivered two rate cuts at the July and September meetings, lowering interest rates by a combined 50 basis point. The US yield curve once again inverted, something historically viewed as a predictor of a recession.

Given the long expansion stretch since the 2008 global financial crisis, it is not surprising that economists expect growth to slow. The prospects of a recession continue to remain high in the coming years.

US Growth Slows, Eurozone Inflation Remains Tame

The US economy grew at a slower pace of 2...


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