A second feature concerns the magnitude of increasing trends in heavy daily precipitation over the Northern US since the beginning of the 20thcentury - these are comparable to projected future increases by the end of the 21stcentury under RCP8.5 emissions. Yet, global radiative forcing is currently estimated to be only about 2 W/m2, roughly one-fourth the projections by 2100 under RCP8.5. The question thus arises whether the observed large increases in heavy daily precipitation events during the last century are indicative of an observed climate system that is much more sensitive to radiative forcing than indicated by climate models, implying a future risk of extreme precipitation events far beyond CMIP projections. Alternatively, the large magnitude of observed increases may have resulted from processes unrelated to climate change forcing. New results derived from large ensemble historical simulations will be shown to illustrate the signal-to-noise ratio of 1901-2018 trends in US extreme daily precipitation. These permit a physically-based reconciliation of the observed trends in precipitation extremes with projections of their anticipated future changes.