UBS On-Air: Paul Donovan Daily Audio 'Front loading good news'

Financial markets are focusing on a soft economic landing. Friday’s US data demonstrated the relentless hedonism of the US consumer and ongoing disinflation. Some caution is warranted. Especially in the US, some of the strength of middle-income consumers is due to experienced inflation being lower than reported inflation. As reported inflation converges with reality, the disinflation will offer less additional support to consumers than might be supposed.