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Market Extra: China may avoid the worst of Trump’s tariff wrath, but Fitch has still cut its global economic outlook

Fitch Ratings on Monday cut its global economic outlook for 2020, blaming the ongoing trade war, and warned that central banks won’t be able to compensate for depressed business investment.

“Even though our base case assumes that further U.S. tariffs on China are avoided, our world growth forecast for 2020 has been lowered. Increased uncertainty about trade is already making firms more cautious on capex,” said Brian Coulton, Fitch’s chief economist, in a statement.

Coulton even predicted that more supportive monetary policies will not be sufficient to shield the countries from the vagaries of the trade war. He said that the Federal Reserve is likely to keep interest rates unchanged this year after four hikes last year.

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