The study looked at how different sectors of the US stock market are connected during different economic cycles. They found that most of the volatility between sectors comes from one sector affecting another. Sectors that are sensitive to economic changes tend to pass on volatility, while those less affected by the economy tend to receive it. The direction and strength of these connections change depending on whether the economy is growing or in a recession. Factors like economic uncertainty and political signals also impact how volatility spreads between sectors. Overall, the study supports the idea that volatility in the stock market can be influenced by factors like economic conditions and policy decisions.