Chart is for illustrative purposes only. Past performance is not necessarily an indication of future results.
U.S. policy uncertainty — a dependable catalyst for investor anxiety — has remained elevated in recent years, with the Economic Policy Uncertainty Index running well above its long-run average. At the same time, consumer sentiment has deteriorated amid fears of a growth slowdown, which have prompted a reassessment of the outlook for risk assets.
Still, the economic backdrop has remained notably resilient — stronger than many investors and analysts expected — despite policy shocks like tariff changes and government shutdowns.
While the noise around the growth narrative has been loud, it has still been mostly noise. Policy uncertainty and investor unease have been real, but the economy has continued to absorb both. As a result, we reiterate our growth forecast for 2026 of 2%, in-line with trend.
All investments involve risk, including the possible loss of principal. Certain investments have specific or unique risks that should be considered along with the objectives, fees, and expenses before investing.
Asset allocation and diversification cannot ensure a profit or protect against a loss.
Economic Policy Uncertainty Index: The Economic Policy Uncertainty Index is a way of tracking how unsure the public and markets are about government economic decisions and their impact on the economy.
This material has been provided for informational purposes only and should not be construed as investment advice or a recommendation of any particular investment product, strategy, investment manager or account arrangement, and should not serve as a primary basis for investment decisions. Prospective investors should consult a legal, tax or financial professional in order to determine whether any investment product, strategy or service is appropriate for their particular circumstances.
Views expressed are those of the author stated and do not reflect views of other managers or the firm overall. Views are current as of the date of this publication and subject to change. This information contains projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Information contained herein has been obtained from sources believed to be reliable but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
BNY Investments is the brand name for the investment management business of BNY and its investment firm affiliates worldwide. BNY is the corporate brand of The Bank of New York Mellon Corporation and may also be used to reference the corporation as a whole or its various subsidiaries generally.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
MARK-959479-2026-06-30