Policy uncertainty is high — what governments do next is a major source of risk.

U.S. Economic Policy Uncertainty

US uncertainty: 219 — U.S. policy uncertainty is at 219 — far above its long-run norm of about 100. That’s the 97th percentile of all its readings since 1900.

How we score this: ok below 120 · watch 120 to 200 · elevated 200 to 300 · alert 300 and up full method

US uncertainty: down 3 readings in a row.

Global Economic Policy Uncertainty

Global uncertainty: 242 — Global policy uncertainty is at 242 — far above its long-run norm of about 100. That’s the 86th percentile of all its readings since 1997.

How we score this: ok below 120 · watch 120 and up full method

Global uncertainty: down 4 readings in a row.