UBS On-Air: Paul Donovan Daily Audio 'Here we go again'
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US politics intrudes into financial markets, with the US House of Representatives trying to elect a speaker today. US Speaker Johnson has been endorsed by US President-elect Trump’s influential adviser Musk, and by Trump. However, the Republicans hold a very small majority (219 t
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UBS On-Air: Paul Donovan Daily Audio 'A disturbance in the force'
Per the full note [source], UBS Chief Economist Paul Donovan argues the market should treat President Trump's 'little disturbance' comment as a commitment to visible consumer tariffs, despite Commerce Secretary Lutnick's signals of a potential retreat on Canada and Mexico levies. The desk emphasizes that uncertainty from trade policy is already weighing on investment and savings decisions, and that visible taxes (e.g., on avocados or propane) carry more behavioral impact than opaque ones like aluminum tariffs. With no internal coverage data on specific currency pairs, the immediate focus remains on the USD's vulnerability to tariff news flow, though no high-impact calendar events are pending in the next 30 days.