UBS On-Air: Market Moves

In the wake of Zohran Mamdani's recent win as New York City's 111th mayor, Jeannine and Ted discuss CIO’s Risk Categories for the city's debt, and what investors need to know. Featured are Jeannine Lennon, Municipal Strategist Americas, & Ted Galgano, Municipal Strategist Americas, UBS Chief Investment Office.

Join Jeremy Zirin, Head of the Private Client U.S. Equity Teams with UBS Asset Management, as he shares a performance update and outlook for U.S. equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 25.11.19

US September import price inflation is old news, but will still be poured over by economists. Exporters do not pay tariffs in any economy—the legal liability for the tariff is that of the importer. However, exporters may discount their prices to offset tariffs, which would show up as lower pre-tariff import price. If that discounting is not taking place, the burden of the tariff passes further dow...

Alberto rejoins the podcast for a macro and positioning update for the Emerging Markets, including a look at preferences across Emerging Market equities, fixed income and currencies. Plus, a look at some notable developments to be mindful of across Latin America. Featured is Alberto Rojas, Senior Emerging Markets Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Shane drops by for a geopolitics roundup with updates on the latest developments with respect to the Russia-Ukraine War and Venezuela. We also review the priorities of Congress through year-end and into early 2026. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Japan’s 10-year government bond auction had solid demand. Normally, this would not merit attention, but international investors have been getting anxious about Japan’s debt. Domestic investors have not. Japan is wealthy, most bonds are owned domestically, and the government has a lot of practice in funding its borrowing requirements.

With fifteen relevant trading days remaining for 2025, investors over the next few weeks will be watching for key economic data releases, a potential Fed rate cut, and a possible announcement of the new Fed Chair. Jason drops by to explain what this all could mean for the markets and investment outlook. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host:...

US President Trump indicated that a nominee for Chair of the Federal Reserve has been selected (though without giving a name). Senate confirmation is assumed by the markets, as none of the supposed candidates are so radical as to merit independent Senate action. Fed members have been showing increased independence in policy votes, however, which may blunt the impact of the Fed Chair on policy dire...

Phil Orlando is the Chief Market Strategist and Global Head of Investment Directors at Federated Hermes. Phil reflects on the outcomes of the November elections and shares thoughts on the potential implications to the 2026 midterms. We also discuss the potential road ahead for U.S. trade policy, along with monetary policy ahead of the December FOMC meeting. Host: Daniel Cassidy

Today, US consumers give thanks by spending money—cutting savings rates to buy things they don’t need. Retailers will discount prices, but those discounts may be tempered as retailers also strive to pass on cost increases, or to increase profit margins under the tariff narrative and pretend it is all about cost increases.

The Federal Reserve Beige Book of anecdotal evidence changed little—a stable outlook with some concerns. In the details, manufacturers and retailers expressed concerns about tariff-induced cost increases. Lags in supply chains mean that for retailers it is probably a reference to the April tariffs. The absence of hiring continues in the labor market. The willingness of high income consumers to spe...

US September retail sales data were old news, but slightly softer. While it is tempting to blame the accelerating US inflation rate, retail sales are nominal numbers and include inflation effects. Pessimism should be limited, however. The numbers will almost certainly be revised. Ongoing shifts in consumption patterns have consequences (Instagrammers showcasing their latest holiday contribute less...

Jason drops by to explain the contributing factors to recent volatility and pullbacks across parts of the equity market, and shares expectations for the upcoming December FOMC policy meeting (now that government issued economic data is once again flowing). Plus, thoughts on how investors should position portfolios heading into year-end, and into 2026. Featured is Jason Draho, Head of Asset Allocat...

Federal Reserve Governor Waller advocated a December rate cut, citing labor markets. If Waller is seriously concerned about employment, this would be a worrying signal for the US economy, where growth depends on low unemployment fears. If this is an attempt to be picked as US President Trump’s new Fed chair, markets are likely to focus on the potential accommodation and ignore suggestions of econo...

Join Evan Brown, Head of Multi-Asset Strategy and Portfolio Manager for UBS Asset Management, for an assessment of the current macro and geopolitical environment. Recorded on 25.11.05

The lower house of the French national assembly rejected the latest revenue parts of the French budget. An unaltered budget proposal now goes to the Senate. Anyone who pays attention to French fiscal matters will not be surprised—the constitution of the current (fifth) Republic, and the lack of a government majority allows for quite a lot of complex procedure before something is agreed. Something...

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 23 November 2025.

The September US employment report was finally released. This data’s quality has deteriorated dramatically—not because of the shutdown, but because survey response rates have been weak for some time, and the seasonal adjustment process in September has been a distortion in recent years. Payrolls rose, but so did the unemployment rate.

As 2025 nears an end, Jason Draho outlines the market and macro expectations of the UBS Chief Investment Office for 2026. We also consider whether AI can power the market even higher? How will governments manage rising debt? And how will politics shape markets in 2026? Plus, a review of key portfolio messages and positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americ...

On this week’s episode of Viewpoints, Burkhard shares his thoughts on what’s driving recent market momentum and the contributing factors to selling pressure. With year-end approaching, we also dive into CIO’s investment expectations for 2026. Plus, some boots-on-the-ground insights from Doha, Qatar into the profound transformation of the Gulf economies.

The Federal Reserve minutes offered some excitement, and it is not often that an economist gets to write those words. “Many” members of the Fed were opposed to the idea of a December rate cut. The Fed will not have a great deal of new information before it meets next month (thanks to the government shutdown), leading markets to reduce expectations for another rate cut this year.

Market volatility does not necessarily reflect shifts in the economic outlook. While some companies have suggested moderating consumer demand in the US, this may be just reflecting shifts in consumption patterns around the timing of trade tariffs, and should not be extrapolated into broader macroeconomic trends. The Federal Reserve minutes may offer more insight into the economy (at least as perce...

With the U.S. government now reopen, investors are anxious to receive economic data that was halted during the shutdown period. So, what will investors receive and when? Jason drops by the studio to explain what to expect, and what it all could mean for a December Fed rate cut. Plus, thoughts on recent market price action. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Inves...

The latest rhetoric from Federal Reserve members is not changing policy uncertainty. Fed Governor Waller highlighted US labor market brittleness—their rather dour outlook supporting a December rate cut. Simultaneously, the cost of living (or, more broadly, affordability) is in political focus, and Fed Vice-Chair Jefferson acknowledged that by suggesting the pace of policy easing could slow.

Rohit Chopra is a Portfolio Manager and Analyst on the Emerging Markets Equity and Emerging Markets Core Equity team at Lazard Asset Management. We cover a range of topics as it relates to the emerging markets, including how the asset class has evolved over the past year, and how to navigate investing in the asset class. Host: Daniel Cassidy