Review Detail

Thank you Fritz for a solid update of your views. The two negative factors you cited, one being the decline in the LEI and the other the Fed raising rates in September again, are very substantial arguments for further trouble ahead. It was helpful that you balanced those negatives against a series of positive developments (low unemployment/high job numbers as well as other positives) all of which results in an uncertain environment, but it's helpful to lay them out as you have.