The US economy grew 2.1% in 19Q4 and 2.3% in CY2019. While that’s the slowest pace since 2016, it’s the average growth rate since the recovery began in 7/09. Looking to 2020, growth will benignly decline to 2%. Consumer spending remains critical as trade and corporate investment will be mildly negative, and government spending, just slightly positive. Barring any shocking developments, expect rates to stay where they are through June.