Greater interest rate cuts will occur as the world economy slows.

Judged over roughly the following 16 months (to end-2020), against rates and market expectations as of mid-August 2019. True: major central banks (the Fed and at least one other major one, such as the ECB, BoE, BoJ or PBoC) cut policy rates further, beyond the July 2019 Fed cut, as the world economy slowed. Mostly true: the Fed alone cut further, or the cuts were small. Mixed: only minor cuts by a few central banks while others held. Mostly false: rates mostly held steady. False: major central banks held or raised rates.

Set before the research began.

1. E1 Part 2: Monetary Policy Board of Governors of the Federal Reserve System · 7 February 2020

   “In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Federal Open Market Committee (FOMC) lowered the target range for the federal funds rate at its July, September, and October meetings by 25 basis points each, bringing it to 1-1/2 to 1-3/4 percent (figure 47).”

2. E2 Part 2: Monetary Policy Board of Governors of the Federal Reserve System · 7 February 2020

   “At its December and January meetings, the Committee judged that the prevailing stance of monetary policy was appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation returning to its symmetric 2 percent objective.”

The Federal Reserve's February 2020 Monetary Policy Report (E1) says the FOMC cut the federal funds rate at its September and October 2019 meetings, as well as in July, citing "global developments" and muted inflation. That shows further Fed cuts beyond the July 2019 cut, linked to the global outlook. E2 says the Fed then held rates at its December and January meetings. None of the evidence covers other major central banks, so cuts elsewhere were not assessed; the evidence establishes only that the Fed cut further, by 25 basis points each in September and October 2019 [E1], which fits the criteria's 'the Fed cut further, or the cuts were small' description of mostly true.