UBS On-Air: Market Moves

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 electrification in the U.S. by referencing the next publication of the series: By the dawn's early light - Electrification. Featured are Kurt Reiman, Head of Fixed Income Americas, and...

As we soon conclude 2025, Burkhard reflects on what was expected in the markets and what came as a surprise. Plus, a look at eight lessons learned. The Viewpoints podcast will resume in January 2026 - happy holidays and thank you for listening in 2025!

The US employment data yesterday raised several red flags. Existing data quality problems were compounded by the government shutdown. Looking at year-to-date trends, the total number of jobs in the US has risen, but at a slower pace than in the past four years. Manufacturing jobs have continued to fall. Average hourly earnings are not the same thing as wage or income growth, but the pace has slowe...

Kurt drops by for the final POTUS 47 conversation of 2025 as we discuss how affordability could influence policy efforts by both the White House and Congress in 2026. Plus, a look at expectations for monetary policy in the year ahead against the backdrop of current U.S. economic conditions coupled with anticipated leadership changes at the Fed. Featured is Kurt Reiman, Head of Fixed Income America...

It is US employment report Tuesday, with a bowdlerized October report (no household survey) and a rushed November report of dubious quality. Response rates to surveys are already horribly low, and whatever motivates someone to complete a survey most people ignore at a time when the government is shut down suggests that this data is likely to be subject to distortions.

We turn focus to Eurozone equities and highlight positioning considerations heading into 2026, along with risks and headwinds investors should be mindful of. Plus, thoughts on valuations and a look at CIO’s recent upgrade of Eurozone equities. Featured is Matt Gilman, Head, CIO Europe Equity Strategy, UBS Chief Investment Office. Host: Daniel Cassidy

This week, the veil of ignorance shrouding the US economy is lifted a little—but only a little. US employment data (due Tuesday) was already low quality, and that is likely made worse by the effects of the government shutdown. Consumer price data (due Thursday) has been interpolating (or “guessing”) more and more, and has surveyed fewer prices in fewer locations this year.

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 14 December 2025.

Tune in to hear from top portfolio managers and business heads from UBS Asset Management’s Muni, Taxable Fixed Income and Liquidity teams, as they share their views on markets and what they believe you should be focused on within the fixed income space.

As we close out the series for 2025, Shane drops by for a Capitol Hill roundup as we cover developments surrounding Congressional votes on healthcare legislation, and the National Defense Authorization Act. Plus, some thoughts on renewed bipartisan efforts to ban Congressional stock trading. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs U.S. Host: Daniel Ca...

Paul drops by for timely reflections on the December FOMC meeting and provides a health-check on the U.S. economy. We also cover upcoming data-points of interest through year-end, along with expectations for monetary policy in 2026. Featured is Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

The Federal Reserve once again mimicked the style of the Bank of England. There were multiple dissents. Governor Miran presumably has a bleak outlook, with his attempts at aggressive rate cuts getting rejected again. Two Fed Presidents voted for unchanged rates, presumably reflecting concern about the rising US cost of living. The dissents suggest the next Fed Chair may have difficulty asserting c...

On this week’s episode of Viewpoints, Burkhard talks about the renaissance of European stocks and banks, and spotlights the roaring markets and economies of Portugal, Italy, Ireland, Greece and Spain. Plus, some highlights from a cycling journey which spanned Zurich to the Italian city of Genua.

As 2026 quickly approaches, Paul drops by to discuss what small business owners should know about the policy and macro environment heading into the new year. Plus, a look at considerations when it comes to the potential impacts of Artificial Intelligence to the business environment, and how the dealmaking landscape could further evolve. Featured is Paul Hsiao, Asset Allocation Strategist Americas,...

The Federal Reserve’s December 2025 policy decision is finally revealed. The Fed has seemingly not attempted to change general expectations of a rate cut. Conspiracy theorists might suggest not delaying the meeting until the release of employment data implies Fed Chair Powell is confident about cutting—but there is likely to be some dissent. Dissent may cause trouble for Powell’s successor, if the...

Tune in for a timely year-end and yeah-ahead conversation on the municipal bond market, which include 2025 performance reflections and 2026 performance expectations. Featured are Daniel Close, Head of Municipals at Nuveen, and Doug Vissicchio, Head of Municipal Sales, Trading and Underwriting at UBS. Hosted by Sudip Mukherjee, Senior Fixed Income Strategist, UBS Chief Investment Office.

Germany’s October trade surplus was larger than expected, principally because of a steeper fall in import demand. Globally, trade away from the US remains robust and (more or less) normal.

We preview this week’s economic data releases, along with the December FOMC meeting. Plus, a look at some potential market-moving events to watch out for through year-end, and thoughts on what factors are supporting the equity rally as indexes once again approach record levels. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

China’s trade surplus exceeded one trillion US dollars in the 11 months to November. Round numbers do not matter in economics, but trends do. This surplus will help China meet its official growth target, compensating for somewhat lackluster domestic demand.

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 7 December 2025.

As 2025 draws to a close, we cap off the year with Rich and Jason exchanging expectations for the market and macro environment in 2026 - including thoughts on the role of the Fed. Plus, a look at positioning preferences heading into the new year. Featured are Jason Draho, Head of Asset Allocation Americas with the UBS Chief Investment Office, and Richard Bernstein, Founder, Chief Executive Officer...

Today we get information on the US consumer—but unfortunately it is a mix of old data and misdirection. September personal income and spending numbers (and the consumer expenditure deflator) should show the US consumer spending even as inflation pressures have built. Since April, consumer durable goods prices have added to inflation (having previously reduced it), for instance. However consumers h...

A look at the landscape for Agency RMBS and the Housing Market, including a look at the prospects for and implications of the 50-yr and portable mortgages. Featured are Clayton Triick, Head of Portfolio Management of Public Strategies with Angel Oak Capital Advisors, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office. Host: Daniel Cassidy

The US labor market is, rightly, a key focus. Low fear of unemployment gave US consumers the confidence to reduce savings rates. That reduction in savings rates has paid for the US consumer price increases since April, sustaining spending. The November ADP payrolls data showed labor market weakness. The ADP numbers do not necessarily have a strong relationship with reality, but the weakness increa...

On this week’s episode of Viewpoints, Burkhard contemplates whether the “Santa Rally” is still alive, or if investors should pack-up for the holiday season. Plus, a classic literature-recommendation for year-end reading.