The Hong Kong Monetary Authority cut its benchmark interest rate in line with the U.S. Federal Reserve, an automatic response that’s unlikely to lend much support to the city’s sagging economy.

China’s central bank refrained from immediately following the U.S. Federal Reserve in cutting borrowing costs, signaling its preference to continue with the current targeted easing approach for now.

Brazil’s central bank is widely expected to lower interest rates for the first time in over a year on Wednesday. The question is the magnitude of the cut, and how long and deep its easing cycle will be.

Brazil’s central bank on Wednesday delivered its strongest message yet that it’s poised to pump more stimulus into an ailing economy after lowering its key rate by a half percentage point.

The Federal Reserve is widely expected to lower interest rates by a quarter-point at its meeting that concludes Wednesday and leave the option open for additional moves despite demands by President Donald Trump for a “large” rate cut.

Federal Reserve Chairman Jerome Powell said the first interest rate cut since the financial crisis was to “insure against downside risks” but didn’t signal the start of a lengthy easing cycle, drawing a sharp rebuke from President Donald Trump.