U.S. stocks continued their run higher during March to cap off the best quarterly performance for equities in the last decade. While economic data continues to be mixed, U.S. consumer sentiment showed significant improvement in March. Consumer spending comprises almost 70% of the U.S. economy and therefore is crucial to sustained economic growth. We continue to believe that while economic growth has slowed, the U.S. is not imminently approaching a recession. The Federal Reserve echoed this sentiment on March 20th, saying that the economy had slowed more than predicted and therefore they expect no further interest rate increases for the remained of 2019. In fact, many are calling for interest rate cuts, including President Trump. Looking ahead, we believe the Fed’s current policy stance to be supportive of stocks in the medium-term. We could also see more upside if a trade deal with China is finalized within the next few months.