We have been enjoying what will likely be the longest period of economic expansion ever for the country. Corporate earnings have been resilient, consumer and bank leverage has been contained, and labor productivity has been high while inflation kept low. This has been in no small part due to the Fed putting significant muscle behind the economy to move it forward from the 2008 financial crisis, slashing interest rates from over 5% down to zero and buying Treasuries and mortgage backed securities to provide market liquidity and support. Furthermore, the Trump administration’s more recent deregulation and tax reforms had turbocharged an already strong economy. Thus, the U.S. has been a standout performer versus other developed and emerging economies.