US economic data is sending conflicting signals about the outlook for economic growth. While US labor market fundamentals and consumer confidence remain strong, trends in the housing market and manufacturing sector have been disappointing, and we believe risks to the economic outlook remain skewed to the downside. Although recent headlines on US-China trade negotiations and Brexit have been incrementally positive, the situations remain fluid and uncertain. Global economic data remains generally lackluster. The trajectory of economic growth is likely to hinge on the outcome of ongoing trade negotiations as well as policy action by the major global central banks.