Alexis Crow, the Chief Economist at PwC U.S., reveals that European markets might appear to be in better shape compared to those in the U.S. However, the boost from the increased defense spending will only affect the economy in the short to medium term. Crow highlights potential secondary effects that could provide some support to the economy. In summary, while defense expenditures may yield immediate benefits, investors should not expect long-term positive changes in the market due to these spending increases.