2023-07-23 11:37:28
James Mazeau Economist, Chief Investment Office (CIO), UBS Global Wealth Management Published on July 23, 2023 at 1:37 p.m. Modified on July 23, 2023 at 1:38 p.m.
The resilience of the US economy continues to surprise. The job market remains very robust and corporate margins are almost insolent. Several factors explain why growth has not yet faltered.
Recent industrial policies such as the Inflation Reduction Act or the Chips Act have encouraged private sector investment. As a reminder, most companies continue to have good access to credit, especially large companies whose bond issuance is not weakening. Despite rising borrowing costs, credit conditions have not tightened too much and appear manageable given profit margins at most companies.
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