2020 will be defined by the three C’s: Consumer, Credit, and China. The return to a prolonged period of easy money policies and idling central banks lowers the risk for a policy driven recession this year. The global economy back has moved back into a Goldilocks regime where growth is just hot enough to keep us on track and avoid central bank intervention. This environment improves our outlook for cyclical and risk-on assets as consumer activity remains elevated and a de-escalation in the trade war helps global economic activity stabilize.