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The dust has not settled on Brexit, but we are starting to see some early effects. In “The Brexit Effect,” our economists unpack the short-term implications of the United Kingdom’s stunning vote to leave the European Union. What can we expect? Low confidence, high uncertainty, and postponed investment decisions, for starters. The hard data that are available suggest a limited impact outside the UK for now, but there are signs that the Brexit effect—or at least the anxiety it is creating in business circles—may catch up with regional economies down the road.