www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE48.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch25January2018Q-SeriesUSConsumerWillLowerTaxWithholdingsin2018DriveHigherConsumerSpending?FurtherupsidefromtaxreformmaystillexistWebelievechangestopersonaltaxeswilldriveanincreaseinconsumption,benefitingavarietyofspendingcategoriesanddemographicsegmentsinthecomingquarters.Thenewlower2018federaltaxwithholdingtableswerereleasedbytheIRSandshouldbeimplementedbyFebruary15.Wecalculatemosthouseholdswillseeanincrea