This slide looks at corporate profits. The chart shows annual operating earnings for the S&P 500 and consensus analyst estimates for the next 3 years in light blue. Earnings recession are marked with green bars and typically last 3 years. Earnings accelerated sharply in 2018 as a result of benefits from tax reform, but 2019 earnings slowed meaningfully as a result of slower global growth, a strong dollar and margin headwinds. 2020 earnings are set to come under pressure from the COVID-19 outbreak, but analysts currently expect a speedy recovery in profits.