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  "notes": "The chart uses a Bloomberg U.S. economic surprise index to illustrate the gap between sectors.",
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      "text": "Record levels of policy uncertainty have cast some doubt over the prospects for economic growth. Thus far, this uncertainty has resulted in negative trends for many of the so-called \"soft\" data measures (sentiment surveys, PMIs*), while \"hard\" data (measures of actual economic activity) have continued to surprise positively. We would expect these trends to eventually reconverge, with the timing, direction and magnitude determining the path forward for asset prices.",
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      "text": "Source: Bloomberg, MSIM. As of May 20, 2025. * PMI stands for Purchasing Managers' Index. For illustrative purposes only. Not a recommendation to buy or sell any security.",
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