Summary: Threats to economic growth remain minor relative to underlying positives, in our opinion. Last week, markets fell as the Federal Reserve lowered interest rates, but signaled no future cuts. This was followed by Thursday’s announcement that the U.S. would impose a 10% tariff on $300B of Chinese imports. Both events served to stoke fears of slowing global growth. Our view remains more constructive due to our focus on the strong consumer (unemployment is at 50-year low), the innovative nature of U.S. companies and industries, and favorable conditions for access for capital, among both private and public companies. We continue to see the tariff and trade “war” talk as mostly noise relative to economic momentum.