In this 2019 Outlook, AXA Investment Managers presents its macroeconomic forecasts for the couple of years ahead: the US should enter a cyclical slowdown in 2019 and the Federal Reserve ends its hiking cycle at 3%-3.25%. The Eurozone is already slowing down too and European politics are skewing risks to the downside. The European Central Bank will be prudent and stay put on rates until at least September and risk assets are looking to downgrade equities back to neutral over the course of 2019