UBS On-Air: Paul Donovan Daily Audio 'Who cares about technology?'

Technology sector equity movements are attracting attention, but economists retain an appropriate degree of aloofness. The pattern of consumers reducing savings to finance consumption has been fairly universal across advanced economies. Wealth effects from the technology sector have not been as universal. As wealth effects are meaningless without changes of behavior to translate them into real economic action, the global similarities of behavior hint at consumers having a muted dependence on rising equity markets.