UBS On-Air: Paul Donovan Daily Audio 'Dull resilience'

The narrative of today’s generally “second tier” data releases is of a global economy that is resilient if somewhat dull. This might seem remarkable in the face of war, oil price gyrations, and unpredictable US policy. However, middle-income consumers in developed economies began this year in a solid position. Oil and the US economy have become less important over time. People are very good at adapting to a crisis.