In a recent note to clients, RBC Capital Markets chief US economist Tom Porcelli examined the trends by using two components of GDP as proxies: net exports of goods and services to reflect the
effects of a slowing global economy, and real personal consumption expenditures to reflect the US consumer.
While I don't believe China's move has the dire repercussions some have suggested, it does fit within the broader
narrative of a slowing global economy, with less support from emerging markets.