UBS Global Wealth Management has lowered its interest rate forecasts for the major economies it covers.

This is in response to “increasingly dovish” policy actions by developed market central banks. There are a range of factors, including trade wars and weak manufacturing sectors, which have resulted in the banks acting in this way.

There has been marked slowdown in developed market economies in the first quarter of 2019.

Individual countries’ weaknesses have also played a role in this, including the US and Europe’s trade-dependent economy. In addition, many central banks are still missing their inflat...