For US Fed, it's 安定した as she goes... for now
Fed Chairman Jerome Powell 演説（する）／住所s the news マスコミ on December 11, 2019
The 連邦の Reserve is 圧倒的に 推定する／予想するd to begin 2020 as it ended 2019: by leaving 利益／興味 率s 権利 where they are.
As they 準備する to 持つ／拘留する their first 政策 会合 of the year in the coming week, central 銀行業者s are sending （疑いを）晴らす signals they think 通貨の 政策 is in a 甘い 位置／汚点／見つけ出す.
Frayed 神経s on both 味方するs of the 太平洋の have begun to 緩和する after 大統領 Donald Trump last month called a 一時休戦 in his 中国 貿易（する） war, and 貿易（する） relations within North America have 解決するd 同様に, with the 調印 of a new 大陸の 協定／条約.
一方／合間, 雇用者s are still 雇うing, 労働者s are still spending, 失業 is still low and インフレーション is still tame.
In a nutshell, US growth appears to be 冷静な／正味のing 支援する に向かって a long-称する，呼ぶ／期間／用語 傾向 of around two パーセント and the 後退，不況 脅す of late summer 2019 feels far off.
Both the economy and 政策 are "in a good place," as Fed number two Richard Clarida said in a speech this month.
So after cutting 率s three times in 2019, Fed policymakers have made it （疑いを）晴らす they will not move again unless things get 意味ありげに and 突然に worse.
"Th ey've been taking a victory （競技場の）トラック一周 for the last couple of months and I 推定する／予想する them to continue doing that," 経済学者 Joel Naroff told AFP.
未来s markets have taken that 期待 to the bank. As of Friday, they 予報するd the Fed will not 再開する cutting 利益／興味 率s until September at the earliest.
But can the Fed really 持つ／拘留する its breath until then?
Fed Chairman Jerome Powell signaled in December the central bank is keeping an 注目する，もくろむ on "全世界の 開発s," a 隠すd 言及／関連 to 中国's 減産／沈滞 and the Brexit saga.
The International 通貨の 基金 this month again 削減（する） its growth 予測（する）s for the world and for the 部隊d 明言する／公表するs.
- The same? Lower? Really? -
Trump, as ever, remains a wild card. He has groomed the Fed to be a scapegoat for the economy's 業績／成果 and shows no 調印する of letting up, since he needs a solid economy to 上げる his chances of re-選挙 in November.
The US 連邦の Reserve raise the （判断の）基準 lending 率s nine times through the end of 2018 to get it off 無, but last y ear was 軍隊d to 削減（する） three times in the 直面する of an 経済的な 減産／沈滞
In an interview this week with CNBC, the 大統領，／社長 非難するd the central bank for bungling 政策 by raising the 重要な borrowing 率 in 2017 and 2018. Without that, "I think we would have been の近くに to four パーセント" GDP growth.
予測（する）s for 2020 now call for growth of around two パーセント, slower than last year, which was slower than 2018.
And upon closer 査察, there are always worrying 調印するs lurking in the 詳細（に述べる）s.
The American 製造業の 低迷 continues with no end in sight -- にもかかわらず Trump's 約束s to 生き返らせる 産業. 消費者 spending 軟化するd toward the end of 2019 and so did 増加するs in 労働者 支払う／賃金, while 雇うing in 2019 was the slowest in eight years.
"We do believe there's one more 率 削減（する） and we think it comes by the middle of this year," Kathy Bostjancic, 長，指導者 US 財政上の 経済学者 at Oxford 経済的なs, told AFP.
"For the Fed to 達成する a soft 上陸, we think it 要求するs some その上の 政策 combination in the form of more 率 削減（する）s."
US 製造業の is in 後退，不況, and Boeing 停止（させる）d 生産／産物 of its 最高の，を越す-selling 737 MAX, which 経済学者s say is likely to slow GDP
While Trump has for now buried the hatchet with Beijing, 関税s remain in place on two-thirds of the 製品s 貿易（する）d between the 経済大国s.
And, with an 選挙 nine months away, he appears to be turning his sights to the EU, brandishing the 脅し of 自動車 関税s in particular, on 最高の，を越す of 刑罰の 義務s on $7.5 billion in 製品s from the European Union and more 税金s on French goods in two separate 貿易（する） 戦う／戦いs.
"There's still a 広大な／多数の／重要な 取引，協定 of 不確定 that's going to 重さを計る on 商売／仕事 投資," Bostjancic said.
"So the 危険s have been 減らすd but not 除去するd 完全に."
Naroff, however, said 利益／興味 率s are already so low the Fed is 効果的に boxed in.
The 連邦の 基金s 率, the Fed's 主要な／長／主犯 道具 for maximizing 雇用 and 安定させるing インフレーション, is now 始める，決める at a 範囲 of 1.5 to 1.75 パーセント.
Any lower and the Fed will be left with little room to 作戦行動 in the event of a shock to the economy, Naroff said.
"I'm looking at them doing nothing this year. 絶対 nothing."
