Trust The Trends

UBS Chief Economist Paul Donovan warns against overreacting to US employment data, noting that underlying trends remain steady. He highlights a stable labor market and expectations that increased shipping in the Strait of Hormuz will not disrupt asset prices.

Key Takeaways

• 1.The US labor market shows underlying trends of reluctance to hire without aggressive firing, suggesting that current economic data is noisy.
• 2.Increased shipping activity in the Strait of Hormuz is the market's base case and is expected to have minimal impact on asset prices.

Table of Contents

• Audio
• Global asset class preferences definitions
• Appendix

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