The Federal Reserve left interest rates untouched and near zero Wednesday amid coronavirus pandemic.
The era of lower interest rates adds a new challenge to the fund management industry that is already battling asset outflows and lower fees.
UBS said companies that depend on China were rallying in spite of the trade war. It said interest rates in China could keep that trend going.
The Fed cut interest rates Wednesday for the first time in a decade. But stocks fell sharply following the announcement.
The pound has shed 2.6% under Boris Johnson, its second-biggest drop in a prime minister's first week since 1976.
Borrowers may see interest rates down on credit cards, variable rate student loans, auto loans, small business loans, and home equity lines of credit.
When the Fed cuts interest rates, it's to encourage spending and growth, and it affects everything from savings accounts to mortgages to loans.
Investors should go for stocks "that have lagged their typical macro relationships the most relative to other bond proxies," Goldman Sachs said.
"We can't believe we are talking about a rate cut as soon as July, as the economy is NOT in a recession," said one analyst.
Asian and European equities and US futures rose after the US nixed plans to slap tariffs on Mexico and weak jobs data fueled hopes of rate cuts.
Potential Federal Reserve nominee Judy Shelton said she would be in favor of an inflation target of 0%.
Federal Reserve Chairman Jay Powell on Tuesday signaled that officials were ready to take action if trade conditions worsen.
The Federal Reserve's favorite measure of inflation rose at the slowest pace in more than a year while consumer spending picked up.