The most recent CEO survey of America’s largest corporations paints a strong, but slightly deteriorating, economic picture. At 109.3, the survey is at its fifth highest level in its 16-year history, but down from 111.1 in 18Q2. 55% of CEOs plan to boost capital spending, down from 61% last quarter; 56% plan to increase hiring, down from 58% in April-June. Why the decline? Trade policy and its negative effects.