Resilience: Economics vs Politics

Paul Donovan highlights stronger-than-expected UK GDP and expected US consumer resilience, while noting the narrow confirmation of Kevin Warsh to the Fed and a stagnant China-US summit.

Key Takeaways

• 1.UK first-quarter GDP exceeded expectations, driven primarily by resilient consumer spending despite higher energy costs.
• 2.US retail sales for April are anticipated to show resilience, partly supported by consumers dipping into savings to offset higher fuel prices.
• 3.Kevin Warsh was confirmed as Fed Chair nominee by a record narrow margin, which may impact his ability to coordinate future rate cuts.

Table of Contents

• Global asset class preferences definitions
• Appendix
• Risk information
• Generic investment research – Risk information

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