U.S. stock-market volatility is up this year amid signs of a softening economy, but that doesn’t necessarily spell recession or the end of American exceptionalism. 

“We continue to bet on the resilience of the American economy,” Yardeni Research said in a note Monday. “We expect that pro-business policies, as they emerge, will boost longer-term confidence, allaying short-term uncertainties related to Trump 2.0.”