UBS On-Air: Market Moves
UBS On-Air: Paul Donovan Daily Audio 'Markets, not macroeconomics'
19 Nov 2025
Market volatility does not necessarily reflect shifts in the economic outlook. While some companies have suggested moderating consumer demand in the US, this may be just reflecting shifts in consumption patterns around the timing of trade tariffs, and should not be extrapolated into broader macroeconomic trends. The Federal Reserve minutes may offer more insight into the economy (at least as perceived by policy-makers).
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