- About 64% of investors and business owners see Biden’s policies aiding the global recovery.
- A majority also said Biden’s measures will support global markets, according to a UBS survey.
- The optimism comes as Biden preps another $4.1 trillion in spending to boost the economic recovery.
- See more stories on Insider’s business page.
The Biden boom is in full swing and people like what they see.
Investors and business owners around the world are largely optimistic that the Biden administration’s economic policies will fuel a robust recovery and leave them on better footing, according to a recent UBS survey. Some 64% of respondents view the administration as having a positive impact on the global economy. Six in 10 believe the White House’s policies will support global markets.
Roughly 57% of investors and business owners said the Biden administration has benefitted their personal finances, and 54% of business owners said the policies benefitted their companies.
In just the first 100 days of his time in office, President Joe Biden has embarked on one of the most ambitious policy strategies in modern history. The president passed a $1.9 trillion stimulus measure – the second-largest in history – on March 11 and has since unveiled follow-up packages that include roughly $4.1 trillion in additional spending. Economists have largely linked soaring retail sales and stronger economic growth to the stimulus measure.
To be sure, President Joe Biden’s policies aren’t the only cause for optimism. New COVID-19 cases in the US sit at their lowest seven-day average since October, and state and local governments have been slowly rolling back lockdown measures for weeks. And while the vaccination rate has slowed, it still sits at an average 2.5 million doses per day. At the current rate, the US will reach herd immunity over the next three months, according to Bloomberg data.
In the US specifically, seven in 10 investors expressed hope about the path of the economy. That compares to just 52% three months ago and makes US investors the most positive globally, UBS said.
The share of US investors growing positive toward stocks rose to 71% from 59%. The shift underscores a broader move toward riskier assets as investors ditch the safe havens they held at the start of the pandemic and position for a swift recovery.
The responses join other sentiment gauges that have turned stronger in recent months. The University of Michigan’s consumer sentiment index rose to a fresh pandemic-era high in April, according to a Friday release. That level is the highest since March 2020. Separately, the Conference Board’s consumer confidence measure rose to its highest level since February 2020 as the healing labor market and latest round of stimulus checks boosted outlooks.
UBS interviewed 2,850 investors and 1,150 business owners around the world from March 30 to April 18. Responses were sourced from 14 markets including the US, the UK, Mexico, mainland China, Japan, Italy, Brazil, and Mexico.