# UBS On-Air: Paul Donovan Daily Audio 'Uncertain times'

Page: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-uncertain-times
Text version: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-uncertain-times.md
Podcast: [UBS On-Air: Market Moves](https://stenobird.com/podcast/ubs-on-air-market-moves-2992243)
Published: 2026-06-04T07:23:00+00:00
Episode link: https://www.ubs.com/content/dam/podcasts/wma/260604-uncertain-times.mp3
Audio file: https://www.ubs.com/content/dam/podcasts/wma/260604-uncertain-times.mp3
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JSON: https://stenobird.com/v1/public/podcasts/ubs-on-air-market-moves-2992243/episodes/ubs-on-air-paul-donovan-daily-audio-uncertain-times
Duration seconds: 179

## Resource

The Federal Reserve Beige Book’s summary of economic anecdote mentioned “uncertain” and “uncertainty” no fewer than 50 times this month (before tariffs were announced). That is below the uncertainty peak that followed last year’s tariffs, but well above the 14 mentions in May 2024. Uncertainty has a paralyzing effect on business decisions—and the risk is that uncertainty endures.

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## Transcript

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