The question coming out of last week’s FOMC move; is this a one-and-done action?

The Fed abandoned its long stated position of being data dependent for any change in monetary policy early this year. That change culminated in the cut in the target rate for Fed Funds of 25 basis points last week. The move by the Fed was not based on the economic data being released but rather, reflected risks the Fed believes could cause the economy to slow going forward. Those risks are primarily weak global growth and uncertainty over trade wars. They also cited the lack of inflation and the risk we could experience a deflationary environment should growth turn down.