GPA believes his statement today is one more indication that the current expectations for three fed fund increases in 2019 may have to be adjusted lower. Over the last six weeks, the equity market has suffered a significant sell-off as concerns have increased over the potential impact of proposed tariffs and a slowing in global growth. We expect that the December increase of 25 basis point will happen on schedule, but increases in 2019 will be more strongly debated next year. Key considerations in the near future will be the future growth in employment, inflation, and the potential path of trade tariffs. How trade discussions ebb and flow will certainly impact the economy and could influence future fed decisions. Inflation expectations are starting to decrease in market positions and will have a strong impact on how the fed responds in 2019.