The sun activity is down, yet Earth experiences record breaking temperatures. Because the warming is two to three times more pronounced in the Arctic it effects the polar vortex (jet stream), pushing colder air into lower latitudes and vis versa. However, there could be indeed a cooling in the northern hemisphere taking place, if the gulf stream is shutting down, prominently featured in the movie The Day After Tomorrow. Also iceberg breakup from collapsing glaciers will contribute to cooling. How this plays out is not yet very much studied, but it is unrelated to the solar cycle.