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Discussion Paper

The Fourth SNB-FRB-BIS High-Level Conference on Global Risk, Uncertainty, and Volatility: Risk and Uncertainty in a Post-Pandemic World; Implications for the Economy, Financial Markets, and Monetary Policy


Abstract: Over the past five years, the COVID-19 pandemic, supply chain disruptions, concerns about trade policies and their implications for the global trading network, military conflicts, and broader geopolitical tensions have sharply heightened risk and uncertainty. U.S. and global Economic Policy Uncertainty (EPU) reached unprecedented levels in April 2025, mostly driven by uncertainty about trade policies (Figure 1).

https://doi.org/10.17016/2380-7172.3860

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Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2025-07-11

Number: 2025-07-11-2