Meanwhile, the US economy is moderating, as expected, and we anticipate that it will continue to slow to a pace closer to its potential. Some major central banks have changed their communications in recognition of softer global 4/6  BIS central bankers' speeches  economic momentum.
Their shift in tone has contributed to an easing in global financial conditions—many equity markets have rebounded from earlier lows and credit spreads have narrowed. Of course, the main source of uncertainty in the global economy continues to be the future of trade policy, notably the current talks between the United States and China.