For a year, the consensus view has been that the US would soon enter a recession, but it hasn't yet.
Since publishing this report Why hasn't there been a recession? on 29 June, the economic data released has further highlighted the ongoing resiliency of the US economy.
In addition to that report, CIO published a presentation version, available here . We expect to revisit these factors in future reports as we continuously monitor the likelihood of the economy falling into a recession.
Watch the full UBS Trending video, Where is the recession? CIO weighs in.
Read more in our latest Monthly Letter, Into the second half .
See more on the UBS Studios homepage .