As we head into the final quarter of 2019, we do so with some concern about recent fiscal and monetary policies being employed in the U.S. We discuss the potential pitfalls of Modern Monetary Theory in our Third Quarter Commentary that accompanies this letter.

We consider the U.S. economy to be extremely strong with a very low probability of a recession in the near future. Gross domestic product (GDP) grew at an annual rate of 3.5% this past quarter.