MetLife Investment Management sees a very modest slowdown for 2020 relative to 2019. Risks are balanced: an upside surprise could arise from the late-2019 stimulus by central banks globally; downside risks of an accelerated slowdown remain. As was the case last year, a major risk we see is trade war re-escalation, particularly although not exclusively with respect to China. We see several U.S. risks emerging from an election year. Other risks are primarily geopolitical; the widespread protests and the situation in Iran could yield additional uncertainty.