The article explores how level and volatility factors affect macroeconomic data. By analyzing a large dataset, the researchers found a major volatility factor, V1, linked to the housing sector, which can explain a significant portion of economic fluctuations over four to five years. However, this factor is not strongly related to overall economic uncertainty, suggesting there may be other factors at play. The study suggests that more research is needed to fully understand the interaction between level and volatility dynamics in the economy.