This adds to calls for the US economy to slow towards the brink of a recession, with UBS Global Wealth Management saying that US GDP could contract by some 1% peak-to-trough during the year.

Besides that, they are cutting their call on US equities to neutral from attractive previously. And they are slashing their 2025 year-end target for the S&P 500 to 5,800 – down from 6,400 before.