The Consumer Sentiment Index posted its largest monthly decline in August 2019 since December 2012, the consumer spending was the main support the economy was hanging its hopes on. Now the three integral part of economic growth, consumer spending, manufacturing, and industrial production are seeing deep slowdown. Despite the slowdown, the stock market is banking all its hopes and dreams on the Fed and the China trade deal. The anticipation of more positive rhetoric from the Trump administration will probably make the market rally as algos will be ready to bid up stocks taking its cue from the President. We think global recession will unfold next year regardless of central bank intervention, and even with an intervention, a Japanese like negative rate environment with zero growth is inevitable for some of the developed economies.