UBS On-Air: Market Moves

Join Evan Brown, Head of Multi-Asset Strategy and Portfolio Manager, for an assessment of the current macro and market environment as we have entered 2026. Hosted by Fatou Konteh, Multi-Asset Specialist. Recorded on 26.01.07

Are there reasons for staying bullish on the markets entering 2026? Burkhard has twelve, and we cover a handful of them on the first episode of Viewpoints to begin the year. Burkhard shares is assessment and outlook for markets, and where to find opportunity.

US December consumer price inflation is not likely to push the Federal Reserve into cutting rates immediately. The numbers were not especially threatening, although they hint at upward pressure on the PCE deflator (by repute, the Fed’s favored inflation measure). However, the interpolation rate (using less precise prices) hit a record 40%, raising quality questions. Politically sensitive prices li...

The CIO municipal research team drops by to share a 2026 muni market outlook, along with their performance expectations across muni sub-sectors. Featured are Sudip Mukherjee, Senior Fixed Income Strategist Americas, Ted Galgano, Senior Municipal Strategist Americas, & Jeannine Lennon, Senior Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

US Republican senators’ concerns over the criminal investigation of the Federal Reserve might delay the confirmation of the next Fed Chair. Any nominee from US President Trump is also likely to have to place additional emphasis on their independence to try and prove they are above politics. This might impact future policy decisions.

We start the week by reflecting on market performance in the early days of 2026, along with last week’s flurry of policy announcements and economic data releases. Jason explains what this all means for the investment outlook, and the prospects for further Fed rate cuts. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Shiavon Chatman

The US Department of Justice launched a criminal investigation into the Federal Reserve and Fed Chair Powell. In an unusually explicit statement, Powell suggested that this was because of the Fed’s refusal to meet US President Trump’s demands for rate cuts. Bond and currency market reactions signal concerns this may be a challenge to Fed independence.

Tune in at the start of the trading week ahead of the New York opening bell as Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, briefs you on what’s the signal, and what’s just noise in the markets. Recorded on 11 January 2026.

Hear from members of the UBS Chief Investment Office fixed income team as they provide a performance and positioning update across fixed income sub-sectors. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, Sudip Mukherjee, Senior Municipal Strategist Americas, along with Senior Fixed Income Strategists’ Barry McAlinden, Frank Sileo, & Letty Zemaitis, from the UBS C...

Fresh off the release of the December employment numbers, Paul drops by to reflect on the data and health checks the U.S. labor market. Plus, a look at growth expectations for the U.S. economy in 2026, and an outlook for monetary policy against the current macro backdrop. Featured is Paul Hsiao, Asset Allocation Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

German industrial production was stronger than expected and (of course) previous data was revised stronger too. November exports were weaker, but US importers have been scrambling to minimize their tax liabilities which has distorted normal patterns of trade.

Affordability remains in focus. US President Trump pledged yesterday to prevent institutional investors buying single family homes, explicitly because of affordability. This follows a series of reversals on highly visible tariffs. These are single issue policies—aimed at tackling narrow problems, rather than being a part of a broader platform.

Following the developments over this past weekend in Venezuela, Senior Emerging Markets Strategist, Alberto Rojas, joins for a timely conversation to explain what factors should be considered against a backdrop of complexity and uncertainty. Featured is Alberto Rojas, Senior Emerging Markets Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

A wide-ranging discussion on yield, credit markets, along with where pockets of vulnerability and opportunity exist within fixed income as we enter 2026. Leslie and Gene also spend time sharing their overall outlooks, along with views when it comes to monetary policy, and positioning across the asset class. Featured is Gene Tannuzzo, Global Head of Fixed Income at Columbia Threadneedle Investments...

German November retail sales were weaker than expected, but the October data was revised substantially higher. Throughout 2025, German retail sales data was nearly always revised substantially higher, and there is no reason to suppose that trend will not continue. German consumers are more persistently exuberant than initially reported.

Preliminary December German and French inflation data is not likely to interest markets. The German figures should show moderation, but some of this is a lower weighting to package holidays (which tend to add to inflation)—a technical shift not necessarily indicative of any dramatic changes in inflation pressures. The ECB is likely to remain on its course of masterful inactivity (markets like the...

The Snapshot returns after a holiday hiatus - Jason Draho begins the year by sharing investment themes and risks to watch for in the months ahead, along with positioning recommendations. We also refresh on CIO’s expectations for monetary and fiscal policy, the U.S. macroeconomic environment, and market performance. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Of...

Over the past two weeks, perceptions of affordability seem to have shaped US administration policy. Tariffs on furniture imports are delayed, and proposed tariffs on Italian pasta imports are cut. Furniture prices moved from deflation in 2023-24 into inflation last year, although consumers are less sensitive to furniture price changes. Pasta is a small share of consumer spending, but a visible pri...

Tune in at the start of the trading week ahead of the New York opening bell as Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, briefs you on what’s the signal, and what’s just noise in the markets. Recorded on 4 January 2026.

Join Evan Brown, Head of Multi-Asset Strategy and Portfolio Manager, and Nicole Goldberger, Head of Global Multi-Asset Portfolio Management and Portfolio Manager for UBS Asset Management, for an assessment of the current macro and market environment as we head into 2026. Hosted by Fatou Konteh, Multi-Asset Specialist. Recorded on 25.12.03

The U.S. has dominated headlines in 2025, with investors focused on AI breakthroughs, policy shifts from the Trump administration, and the outlook for Fed rates. Yet, so far this year, European equities have outperformed their U.S. counterparts in U.S. dollar terms - and the outlook for 2026 looks even brighter. What’s fueling this shift, and why should investors take a closer look at Europe now?...

The Bank of Japan did what was expected and raised rates a quarter point. Dramatic headlines that this is the highest rate in thirty years should not be taken too seriously (parallels to 1995 are not helpful). BoJ governor Ueda emphasised wages as being important to determining future policy decisions.

The 250 years of U.S. innovation publication series highlights examples of how transformational innovation has been an engine of U.S. economic growth since the nation’s founding. Today, we explore the history of aviation in the U.S. by referencing the next publication of the series: Into the wild blue yonder - Aviation. Featured are Kurt Reiman, Head of Fixed Income Americas, and Nathaniel Gabrial...

On the final CIO Strategy Snapshot for 2025, Jason reflects on recent economic data-point releases, along with the December FOMC meeting, and assesses the macro and policy environment as we head into 2026. Plus, Jason unveils his choice for the 2025 finance word of the year and shares his early WOTY choices for 2026. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment...

The ECB and the Bank of England meet. The ECB decision can be dismissed with a shrug of indifference. The Bank of England is expected to cut rates, but the depth of division amongst policy setters is a focus. More rate cuts are likely next year.