Daily Audio Update: Firing, Not Ceasing

Tensions escalate in the Middle East despite official claims of a ceasefire, while US consumers continue to maintain spending levels amidst rising oil prices by dipping into savings.

Key Takeaways

• 1.Geopolitical tensions in the Middle East have escalated with firing involving the US, Iran, Israel, Lebanon, and threats against Oman, though market reactions remain negative but muted.
• 2.US consumers are absorbing higher oil prices by reducing savings rates and using tax rebates rather than cutting non-oil spending.
• 3.Upcoming economic data, including the PCE deflator and 1Q GDP revisions, will be heavily influenced by rising oil costs being passed through the supply chain.

Table of Contents

• Paul Donovan's daily audio: Firing, not ceasing
• Global asset class preferences definitions
• Appendix
• Risk information
• Generic investment research – Risk information

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