Market volatility at the end of 2018 increased uncertainty among investors and set the stage for a diminished outlook in 2019. Supporting investor caution are uncertainties regarding trade talks between the US and China and the possible slowdown in global economic growth. The International Monetary Fund cut its global growth forecast to 3.3% from 3.5% in April, while the Federal Reserve cut its US growth forecast to 2.1% in March. Given Q4 2018 market volatility and the projected slowdown in growth, the Federal Reserve has implemented a more dovish monetary policy approach, holding interest rates steady as well as halting the central bank’s balance sheet run-off. A “patient” Fed has contributed to increased investor confidence that has produced over a 15%gain year-to-date in the S&P 5003 and has created a more balanced outlook for deal activity in 2019.