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Analysts at BNP Paribas expect the US Federal Reserve (Fed) to deliver two 25 basis point rate cuts this year and a single 25 basis point rate cut in 2020.  

The investment bank believes the US and China will sort out their trade issues in the first half of 2020.

There is a widespread belief that the  Fed will deliver “insurance cuts” in the face of increasing downside risks to domestic and global growth and low inflation. The market is priced in two rate cuts by the year-end.