UBS On-Air: Paul Donovan Daily Audio 'Real slowdown risks'
UBS On-Air: Market Moves · Podcast owner
April 22, 20252m 57s
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Show Notes
US President Trump again called for lower US interest rates. Markets interpreted this as undermining Federal Reserve independence, and markets do not like that (US assets weakened). The coming US economic slowdown is driven more by rising risk than high rates. Borrowing to fund investment and consumption balances the cost of capital with uncertainty about the future. Rising uncertainty is the US problem.