They noted a cooling in the labor market that could accelerate into something more dire in the absence of a policy shift.

The European Central Bank will probably cut interest rates on Thursday in a prelude to a US move the following week, as the global monetary cycle tilts toward more synchronized easing.

Also, rate cut expectations are very different today - there is an expectation of about 200 basis points in cuts in the next year, 5 which would likely provide a far more powerful boost to risk assets in coming months than the tepid 75 basis points in cuts provided by the Fed from July 1995 through January 1996.