As we write this report, we continue to see a slowing of global economic activity and a sharp drop off in US manufacturing and corporate spending. This is due in part to normal business cycles, but is exacerbated by the fits and starts we are witnessing in the “on again, off again” trade negotiations among the world’s largest economies. While we do not see a US recession in the near term, global economic growth has fallen to its lowest level since the 2008 financial crisis.
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