Episodes

2d ago

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? In this episode of “Across the Pond,” Themis Themistocleous, Head of the Chief Investment Office for EMEA, and hosts Christopher Swann and Belinda Peeters explore the drivers behind Europe’s improving prospects and highlight the most attractive opportunities for the year ahead.

2d ago

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.

3d ago

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, U.S. Industrials and Materials Sector Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

3d ago

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 Office. Host: Daniel Cassidy

3d ago

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.

4d ago

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 Jay Dobson, U.S. Energy and Utilities Sector Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

4d ago

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!

4d ago

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 slowed and may be overtaken by inflation in the coming months.

5d ago

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 Americas, UBS Chief Investment Office. Host: Daniel Cassidy

5d ago

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.

6d ago

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

6d ago

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.

Dec 15

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.

Dec 14

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.

Dec 12

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 Cassidy

Dec 11

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

Dec 11

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 control over policy, especially if they command less respect in the Fed and markets.

Dec 10

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.

Dec 10

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, UBS Chief Investment Office. Host: Daniel Cassidy

Dec 10

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 they command less respect than Powell.

Dec 9

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.

Dec 9

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.

Dec 8

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

Dec 8

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.

Dec 8

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.

Dec 5

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 and Chief Investment Officer of Richard Bernstein Advisors (RBA). Host: Daniel Cassidy

Dec 5

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 have cut their savings rate to cover the price increases, keeping consumption stable.

Dec 4

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

Dec 4

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 increases the focus on today’s weekly initial jobless claims data.

Dec 3

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.

Dec 3

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.

Dec 3

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

Dec 3

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 down the supply chain.

Dec 2

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

Dec 2

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

Dec 2

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.

Dec 1

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: Daniel Cassidy

Dec 1

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 direction.

Nov 30

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

Nov 28

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.

Nov 27

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 spend was noted.

Nov 26

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 to retail sales than buyers of new washing machines). Credit card data suggests no reason to panic.

Nov 25

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 Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Nov 25

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 economic risk.

Nov 24

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

Nov 24

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 like a French government shutdown is inconceivable.

Nov 24

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.

Nov 21

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.

Nov 20

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 Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Nov 20

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.

Nov 20

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.

Nov 19

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 perceived by policy-makers).

Nov 18

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 Investment Office. Host: Daniel Cassidy

Nov 18

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.

Nov 17

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

Nov 17

Leslie and Letty join to share reflections on recent asset class performance, including a look at the key factors behind outperformance of higher-quality bonds in high yield throughout 2025. Plus, a look at what CIO currently recommends for fixed income investors in the way of portfolio positioning. Featuring are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and Letty Zemaitis, Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Nov 17

The Swiss-US trade deal marks another potential reduction in tariffs paid by US importers, following selective tariff cuts on imported foodstuffs. The Swiss tariffs were not in place long, and US importers may have anticipated this reduction; it is therefore questionable how much of the tariff was passed to US consumers. Other tariff reductions have not necessarily reduced consumer prices—less relevant in the Swiss case, but which matters to inflation perceptions in the case of food tariffs.

Nov 16

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 16 November 2025.

Nov 14

There are more reports of the US administration scrambling to cut tariffs using framework trade deals with Latin American economies. Heightened political concerns about US consumers’ inflation perceptions seem to be leading a drive to reduce the tariffs US importers pay on food products. Bilateral negotiations with Latin American countries will be limited in their scope because of Mercosur trade pact rules.

Nov 13

Nick Galakatos, Senior Managing Director, & Global Head of Life Sciences at Blackstone joins Daniel Cassidy at the UBS podcast studio in New York for a comprehensive discussion on trends and developments within Life Sciences, including a look at funding innovations, the regulatory landscape, and the investment case for Life Sciences.

Nov 13

On this week’s episode of Viewpoints, in recognition of the 30th UN Climate Summit, Burkhard reflects on “where we are” and “where we’re heading” with respect to global climate and clean energy commitments. Plus, a look at climate-related investments where investors can make a positive difference.

Nov 13

US October consumer price inflation should have been published today. It is unlikely the number will ever be calculated, because there was no one to collect the price data. This highlights a problem —even if the US government is functioning, there are fewer employees collecting prices, which means more of the inflation number is ”interpolated” (or “guessed”).

Nov 12

US President Trump has suggested that most US households could receive a USD2,000 cheque from the government. Such a move would require legislation. The bond market seems sceptical about Congressional action and is not currently pricing the probable deficit consequences. Bonds are instead focusing on dubious quality labor market signals, as a guide to Federal Reserve rate cuts.

Nov 11

As the U.S. government nears reopening, Jason outlines the terms of the deal, though more importantly, explains when investors can expect to get new economic data. We also discuss the health of the U.S. labor market and what private sector data has suggested in recent weeks. Plus, thoughts on recent market price action, and a review of CIO’s current portfolio positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Nov 11

Media reports suggest US importers may face a lower tariff on products from Switzerland (the suggestion is that the August 39% tariff becomes 15%). Swiss imports are a rather modest contribution to the basket of goods that form US consumer price inflation. However, price reactions to a tariff cut might be an important signal. Other tariff cuts have not led to proportionate reductions in consumer prices. If this trend continues, it might create inflation stickiness if the US Supreme Court rules other tariffs to be illegal.

Nov 10

The 250 years of US innovation publication series highlights examples of how transformational innovation has been an engine of US economic growth since the nation’s founding. Today, we explore the history of America’s railroad by referencing the inaugural publication of the series: From sea to shining sea: The transcontinental railroad. Featured are Kurt Reiman, Head of Fixed Income Americas, and Nathaniel Gabriel, US Industrials and Materials Sector Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Nov 10

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. This week - Commentary about AI demand in earnings reports, and a potential end to the U.S. government shutdown. Recorded on 9 November 2025.

Nov 7

Investors have been caught between the fear of missing the AI revolution and growing worries about an equity market bubble. With US valuations at the highest level since the dotcom surge 25 years ago, how concerned should investors be? Is now a good time to diversify beyond the US or retreat to cash? To explain how to navigate these complex markets, hosts Christopher Swann and Belinda Peeters are joined by CIO’s global head of investment communications, Kiran Ganesh.

Nov 7

Yesterday, the Bank of England did what it does best and disagreed with itself over policy. The finely balanced vote opens the way for a rate cut in December, when policy-makers will have the benefit of actually knowing what the government’s fiscal policy is to be.

Nov 6

Jason is joined in studio by Dr. David Kelly for an engaging conversation about the potential path forward for monetary policy, the state of the U.S. economy, equity market valuations, and asset allocation considerations. Featured are Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team at JPMorgan Asset Management, and Jason Draho, Head of Asset Allocation Americas at the UBS Chief Investment Office. Host: Daniel Cassidy

Nov 6

On this week’s episode of Viewpoints, Burkhard shares some boots-on-the-ground perspectives from Cape Town, South Africa, including thoughts on the factors that are driving economic momentum across the country, and more broadly across the emerging markets. Plus, some can’t miss cycling and travel tips from the picturesque Chapman’s Peak!

Nov 6

The US Supreme Court hearing on the legality of the majority of the US administration’s tariffs produced a positive reaction from tariff-related equities. The questioning from some justices, including the chief justice, seemingly increased investor expectations that the tariffs would be declared illegal. That should entail a rebate to US companies, which would offer a fiscal boost to the US economy.

Nov 5

Join Justin Waring, Head of UBS Wealth Way Strategy and Solutions, as he outlines year-end planning priorities and what’s on the horizon for retirement and tax strategies in 2026. Whether you are decades away from retirement, getting ready to transition to retirement, or already enjoying your retirement years, the end of the year is an ideal time to review your plan for both risks and new opportunities. Host: Daniel Cassidy

Nov 5

The economic calendar includes several central bank announcements, as well as the release of the Bank of Japan’s minutes. With limited investor focus on other central bank remarks, the Bank of Japan minutes may attract particular attention.

Nov 4

Kurt drops by the studio to update on a variety of timely topics, including the implications of potential Election Day outcomes, the prospects for an end to the ongoing U.S. government shutdown, along with takeaways from President Trump’s recent trip to Asia. We also preview the Supreme Court’s hearing on the Trump administration’s use of the International Emergency Economic Powers Act (IEEPA). Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Nov 4

If the US had a functioning federal government, we would be getting September trade data today. In theory, one could calculate US trade numbers by using bilateral trade data from other economies. Unfortunately, the rest of the world has been seeking to minimize trade tariffs by careful rerouting of exports, which makes it very difficult to identify what the US is buying using the data of those that are selling.

Nov 3

Join Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios and Head of the Private Client US Equity Team with UBS Asset Management, as he shares a performance update for US equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 15.10.25

Nov 3

Paul drops by the studio for an assessment of the market and macroeconomic environment as we make our way through 4Q25. We focus in on the upward momentum in U.S. equity market and equity valuations, along with potential implications of D.C. policy developments to small business owners. Featured is Paul Hsiao, Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Nov 3

The October US ISM manufacturing sentiment poll is due. Falling survey repose rates and rising political polarisation have conspired to reduce the reliability of survey-based evidence. The risk is that in the absence of proper US economic data, investors turn in desperation to surveys and give them more credibility than they deserve.

Nov 2

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. This week - in the absence of the October employment report (a key macro signal) because of the ongoing government shutdown, any indicators as to the health of the U.S. labor market. Recorded on 2 November 2025.

Oct 31

Paula re-joins Jason in studio for a discussion around the US macroeconomic environment, including an outlook for growth, and Fed rate cuts. We also discuss the factors driving equity market momentum, valuations, and portfolio positioning preferences. Featured is Paula Campbell Roberts, Chief Investment Strategist for Global Wealth, Global Client Solutions, Global Macro and Asset Allocation at KKR, and Jason Draho, Head of Asset Allocation Americas at the UBS Chief Investment Office. Host: Daniel Cassidy

Oct 31

We should be getting US personal income and spending data today, but because the US lacks a properly functioning government we are getting no such thing. This matters because the resilient middle-income consumer has kept the US from recession this year. Credit card data hints that this is still the case, but if fear of unemployment were to rise, downside risks would quickly emerge. The longer the government is shutdown, the greater the role of rumor in the economy—and as bad news sells better, there is a risk that unwarranted fear gains ground in the absence of actual facts.

Oct 30

Mike Contopoulos rejoins Leslie Falconio for a discussion around year-end asset class performance expectations, the implications of a lower rate environment to fixed income, positioning views & more. Featuring Mike Contopoulos, Deputy Chief Investment Officer, & Director of Fixed Income for Richard Bernstein Advisors, as well as Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office. Host: Daniel Cassidy

Oct 30

The Federal Reserve spoke with an almost British accent yesterday, cutting rates a quarter point with a Bank of England-like three-way vote split. Fed Chair Powell signaled that a December cut was not inevitable. While a majority clearly favored insuring against the risks of a brittle US labor market today, there are fears about future inflation pressures and the lack of credible US economic data.

Oct 29

Leslie and John stop by on Fed Day for an update on fixed income markets, positioning views, and an outlook for monetary policy. We also examine the current state of funding markets and how they relate to quantitate tightening (QT). Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, & John Murtagh, Fixed Income Analyst Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 29

The Federal Reserve is expected to cut rates a quarter point. The absence of credible short-term data since the last Fed meeting means policymakers cannot follow Fed Chair Powell’s “data dependency” mantra and must instead focus on economic trends. Market interest will be focused on the spectrum of views, the tone of the press conference, and (inevitably) speculation about Powell’s successor.

Oct 28

On this week’s episode of Viewpoints, Burkhard reflects on the current upward equity market momentum and answers the age-old question: “Are we in a bubble?”. Burkhard also compares the current environment to the TMT-bubble of the late 90s, and offers guidance on how to position in the current environment.

Oct 28

We examine the current situation in Venezuela, including a look at the opportunities and challenges facing Venezuela’s economy. Plus, thoughts as to how Venezuela’s recovery could affect the region and international investors, along with an outlook for the country’s financial assets. Featured are Alejo Czerwonko, CIO for Emerging Markets Americas, & Alberto Rojas, Senior Emerging Markets Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 28

The IMF suggested that the US government debt-to-GDP ratio will exceed that of Italy by the end of the decade. There is no reason to suppose this IMF forecast is more accurate than any other IMF forecast, but the trend is clear. Italian parallels are a reason not to panic. Italy is a very wealth country, and has successfully mobilized private wealth to help fund its debt. The US is a reasonably wealth country and could do likewise. The UK’s Truss debacle reminds us that funding government debt (not the debt level itself) is what matters.

Oct 27

Jason sets the table for a busy week ahead which includes several Mag 7 Q3 earnings reports, the highly anticipated APEC summit, and October FOMC meeting. Jason also suggests the two most important numbers in economics. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Dan Cassidy

Oct 27

Trade tensions between the US and China appear to have moved into a “dial down” phase after the recent escalation. While details will probably not be given until the proposed meeting between US President Trump and China’s President Xi later this week, the threatened 100% tariff on US consumers of China’s exports appears to have been removed.

Oct 27

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. This week - the October FOMC rate decision, and numerous Q3 corporate earnings releases. Recorded on 26 October 2025.

Oct 26

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.

Oct 24

Dan Cassidy welcomes Xingchen Yu, Emerging Markets Strategist Americas, for a timely update on China. Xingchen discusses CIO’s latest upgrades to China tech and offshore Chinese equities, the macro outlook and consumption trends, and the strategic priority of tech self-sufficiency highlighted in the latest Fourth Plenum. The conversation also covers how evolving US-China relations are shaping investor decisions. Tune in for key insights on China’s market drivers and what’s ahead.

Oct 24

US President Trump announced trade negotiations with Canada would end. Trump is unhappy with the Province of Ontario’s adverts, directly quoting US President Reagan arguing against tariffs on economic grounds. Previous negotiation breakdowns focused on policy issues, which were more readily resolved. However, only a limited part of US-Canada trade is affected by this, and precedent does suggest an eventual resolution.

Oct 23

Andrew Mattock is a Portfolio Manager focused on Chinese equities at Matthews Asia. We discuss the macro factors that have driven China’s markets, and how conditions might evolve in the months ahead. Plus, a look at how Artificial Intelligence and US trade policy might shape China’s market outlook, a review of market risk considerations, and how to approach an allocation to China. Host: Daniel Cassidy Recorded on 07 October 2025

Oct 23

There has been a small blip in the oil price following the US announcement that two Russian energy companies would be blacklisted. US President Trump intends to raise the issue of China’s Russian oil purchases with China’s President Xi next week (assuming that meeting goes ahead). In the context of the recent oil price decline, the overnight price move is economically negligible—politics is the only reason it gets any attention.

Oct 22

On this week’s episode of Viewpoints, Burkhard shares his thoughts on the performance of gold and the drivers behind 2025 performance, along with how gold fits in with broader precious metals price action (including silver). Plus, a topical gold-related book recommendation.

Oct 22

Mindful of a flattening yield curve, Sudip and Jeannine join to explain where opportunities exist within munis. We also cover a performance update and outlook for the asset class, following a strong month of September which delivered a notable increase of inflows. Featured is Sudip Mukherjee, Senior Fixed Income Strategist Americas, and Jeannine Lennon, Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 22

UK September consumer price inflation was lower than expected. Air fares and fuel prices added, but food prices seem to have been subject to more general discounting. Previously, food prices mainly experienced discounts for supermarket loyalty card holders, which is not captured in the official inflation data.

Oct 21

Tune in for a performance update and outlook for emerging market equities. We also explain the thinking behind CIO’s recent upgrade of Emerging Market equities, along with Mainland China and the China tech sector. Plus, thoughts on key risk events and opportunities outside of China to be mindful of. Featured are Xingchen Yu, Emerging Markets Strategist Americas, & Laura Smith, Investment Specialist, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 21

South Korea’s early October export data showed strength when adjusted for differences in working days. As is now standard, semiconductor exports led this export surge. Auto exports were weakened by US tariffs, but trade with the rest of the world continues to be more or less as normal.

Oct 20

Jason joins to outline the current positioning recommendations and investment outlook from CIO (per the November UBS House View), including thinking behind the upgraded view on equities. We also cover investment risks for the current environment, highlight factors that underpin CIO’s investment outlook, and review the latest messages in focus. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 20

Financial markets have been pushed around by trade, again. This time the reaction has been positive, as the US seems to have moved away from its more antagonistic position towards China. While the back and forth over trade has certainly done some economic damage, equity markets have reacted more dramatically than the real economy.

Oct 19

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. This week - September inflation data (CPI), ahead of the upcoming October Fed rate decision. Recorded on 19 October 2025.

Oct 19

Join Evan Brown, Portfolio Manager and Head of Multi-Asset Strategy with UBS Asset Management, as he shares thoughts on the current macro environment and the factors that are driving markets. Host: Fatou Konteh, Multi-Asset Specialist. Recorded on 25.10.01

Oct 18

Join Jeff Hans, Senior Portfolio Manager of the House View Equity Portfolios with UBS Asset Management, as he shares a performance update for US equities. We also discuss the impact of Fed rate cuts to US equities, why investors should consider diversifying into value, along with a look at equity sector themes. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 25.09.25

Oct 17

Kurt drops by to update on where negotiations stand to end the U.S. government shutdown, which has now entered week three, along with the scope of impact thus far to financial markets and economic activity. Plus, thoughts on recent US-China trade tensions, and a look at potential next-steps for talks and broader U.S. trade policy. Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 17

There are reports that the US administration will extend the delay in implementing tariffs on car part imports from two years to five years. This is a reaction to intensive domestic lobbying, and should probably not be taken as a signal for the wider trade tensions between the US and China.

Oct 16

The Federal Reserve’s Beige Book of economic anecdotes was not affected by the absence of a functioning government. There was evidence of prices reacting to trade tariffs, and a sense of labor market fragility. However, it is possible that elements of political partisanship are being captured in some of the reported concerns.

Oct 15

Shane joins mid-week for an update on the US government shutdown, including a look at impacted services, and where negotiations stand to re-open the government. We also touch on recent developments surrounding US-China trade talks. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Oct 15

Federal Reserve Chair Powell reiterated that labor market concerns dominate inflation concerns in current policy. The lack of a functioning US federal government means this economic analysis depends on dubious quality data—private sector polls and potentially distorted anecdotal evidence—but Powell has shown a willingness to depend on such data in making past policy decisions.

Oct 14

Dave Fazekas is Partner & Head of North American Logistics with Ares Real Estate. Dave joins the podcast to discuss the current investment landscape for the Industrial Real Estate sector. We cover repricing and valuations, positioning considerations, and the impacts of factors such as macro uncertainty, US trade policy and tariffs, along with the rise of artificial intelligence. Host: Daniel Cassidy

Oct 14

Markets have detected some shifting around in the US approach to trade with China. US Treasury Secretary Bessent was vocal in asserting that US President Trump and China’s President Xi will meet. Markets have extrapolated from past meetings to conclude that this will reduce the temperature of the trade rhetoric.

Oct 13

As investors begin a new week they are faced with the prospect of more trade uncertainty, the ongoing government shutdown, and the start of Q3 earnings season. Jason drops by to weigh in on these factors, along with Friday’s market sell-off, and CIO’s current positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Oct 13

After US President Trump’s threat to impose additional significant tariffs on US buyers of goods from China, there has been a more conciliatory tone from both Trump and US Vice President Vance over the weekend. China’s September trade data showed stronger-than-expected exports (and imports). China’s data earlier this year was hinting at rerouting exports to help US importers avoid high tariffs.

Oct 12

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. This week - in the absence of government macro data releases we see positive micro catalysts in US banks earnings. We expect US bank earnings to be strong based on increased trading activity, strong capital markets and stable net interest margins.

Oct 10

Jan van Eck is the Chief Executive Officer of VanEck. We cover a wide range of top of mind topics for investors, including a look at the US macroeconomic environment, the road ahead for monetary policy, the impacts of US trade policy and artificial intelligence to economic activity, asset allocation views, and more. Host: Daniel Cassidy

Oct 10

The US government has announced that, regardless of the government shutdown, the September consumer price inflation data will be coming out (probably late). This is legally required, to enable the cost of living calculation that raises social security payments—huge swathes of US government spending are tied to inflation measures. The Federal Reserve should have this data when it meets.

Oct 9

We cover a range of sector-related topics, spanning concerns over subprime consumer credit and private credit, a preview of the upcoming Q3 earnings season for financials, sector positioning, and YTD performance across sub-sectors. Featured is Jeff Harwood, CIO Financials Analyst Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 9

French politicians have been doing politics. This week’s prime minister, Lecornu, has suggested that a majority of national assembly members favor seeking a compromise budget. The suggestion is less fiscal tightening than was originally proposed. French assets are likely to continue to command a risk premium, but the bond market should remain orderly.

Oct 8

On this week’s episode of Viewpoints, Burkhard acknowledges the third birthday of the current bull market and explains whether the bull has further room to run - assessing where are now and where we may be heading from here.

Oct 8

Economists traditionally do not worry too much about the growth impact of US government shutdowns, as the short-term loss of economic output tends to be paid back with an economic bounce when government reopens. It is still a net negative—contractors are not compensated for lost activity in a shutdown—but government workers get their back pay paid back. US President Trump has suggested that may not happen this time. If that were legally enforced, it would reduce the bounce of the bounce back.

Oct 7

Buying a second property overseas is dream for many. But can it also make financial sense? Our latest survey of global property provides a deep dive on where to find the best value and where the risk of a bubble bursting are greatest. How can investors manage currency risk and optimize leverage? In this week’s Across the Pond the Chief Investment Office’s real estate experts, Matthias Holzhey and Maciej Skoczek join hosts Christopher Swann and Belinda Peeters to explore these issues and how property fits in your broader wealth strategy.

Oct 7

French Prime Minister Lecornu resigned, but will work for 48 hours—President Macron wants Lecornu to find a fiscal solution that would command National Assembly support. Despite obvious parallels, this is not the same as the UK’s Truss debacle. The French bond market remains orderly. French assets will command a risk premium, as investors wait to see whether a new government or new elections are the outcome.

Oct 6

Jason drops by the studio to explain why markets recently have continued their move higher, despite the ongoing U.S. government shutdown and missing economic indicators. We also assess the health of the US labor market with available data-points from last week, and review CIO’s current portfolio positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 6

The Liberal Democratic Party of Japan elected former economic security minister Takaichi as its leader, and thus Prime Minister-presumptive. Takaichi is seen as a pro-growth leader, and has signaled scepticism about the persistence of Japan’s inflation. This has supported equities, and may delay expectations of a Bank of Japan rate increase.

Oct 5

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. This week – OpenAI Developer Day, continuing to monitor the US government shutdown.

Oct 4

Join Isaac Chota, 529 Product Manager at UBS, and special guest Kristia Adrian, Executive Director at JP Morgan and 529 specialist, as they break down everything you need to know about 529 plans in New York, New Jersey, and Connecticut. Whether you are a parent, grandparent, or student, this episode covers the latest legislative changes, practical tips for maximizing your education savings, and expert insights on how families in the Tri-State area can make the most of their college planning. Curious about new rules or how to get started? Tune in for an informative and friendly conversation designed to help you take the next step in your education savings journey.

Oct 3

As the U.S. government shutdown continues, we examine the implications of a prolonged shutdown to economic activity. Plus, thoughts on the health of the U.S. labor market, and broader economy, along with an outlook for Fed monetary policy heading into 2026. Featured is Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 3

Today is US employment report Friday—except it is not, because of the impenetrable fog of US government shutdown. As low fear of unemployment is a crucial line of defense keeping the US from recession, this is frustrating.

Oct 2

Our conversation outlines the current landscape for fixed income investors, and where to locate opportunity within the asset class. We also touch on an outlook for monetary policy, rates and the macro environment. Featured are Dan Hyman, Senior Portfolio Manager with PIMCO, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office. Host: Daniel Cassidy

Oct 2

The US government shutdown continues—Senate Republicans failed to pass their measure to end it. US President Trump indicated some federal government workers may be fired, not furloughed. That would doubtless face legal challenges, but might also increase fear of unemployment. Low fear of unemployment has helped keep US growth mediocre rather than recessionary. However, the federal government workforce is a very small share of US employment, which should limit economic damage.

Oct 1

As the U.S. government has entered a shutdown, Shane drops by to explain the scope of impact, along with next steps with respect to negotiations. Plus, thoughts on yesterday’s Oval Office announcement related to drug pricing. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Government Affairs US. Host: Daniel Cassidy

Oct 1

Alejo rejoins the podcast to discuss why the Fed’s current rate-cutting cycle is so important for emerging market investors. We then highlight compelling opportunities across emerging market equities, fixed income, and currencies. Plus, a review of key risks to consider. Featured is Alejo Czerwonko, CIO for Emerging Markets Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Oct 1

The US Congress failed to either change the rules or come to an agreement to avert a government shutdown. Economists now lack official economic data from the US. Private sector data is a poor substitute. Private data is like viewing the economy through a keyhole —clear, but with a narrow field of vision. Official data is like opening the door. Private data relies on official data to model the bits of the economy outside its field of vision, and that modelling becomes less accurate in the absence of official data.

Sep 30

Coming off a busy week of economic data releases, and with the September employment report due out in just days, Jason shares thoughts around what recent data suggests about the state of the U.S. economy. Plus, a look at recent market drivers, along with the macro and market impacts of a potential shutdown of the U.S. government. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Sep 30

The final guess at UK second quarter GDP led to some modest increases in growth—cementing the UK’s position as the fastest growing G7 economy year-to-date. Better investment figures led the upgrade. Consumers’ savings rate increased, suggesting consumers have resources to fund future spending (despite retailers’ attempts at profit-led inflation).

Sep 29

Tune in for the annual UBS Studios fireside chat on the current market and macro environment, including thoughts around the economic impacts of artificial intelligence, the path forward for monetary policy, fixed income markets, and broader asset allocation with Jeffrey Gundlach, Chief Executive Officer, Chief Investment Officer and Founder of DoubleLine Capital. Host: Daniel Cassidy

Sep 29

Current French Prime Minister Lecornu outlined their policy intentions, if they remain in power. A 4.7% GDP deficit target, no public holidays to be abolished, and no general wealth tax imposed—but tax justice is being talked of. This is likely to be a global trend. The great wealth transfer is underway, and governments with fiscal imbalances are likely to try to mobilize that wealth.

Sep 28

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. This week – the September employment report, and a possible US government shutdown.

Sep 26

Cliff joins Jason at the 1285 podcast studio in New York to cover a wide-range of topics, including the growing impacts of electronic trading to financial markets, along with how machine learning and artificial intelligence are influencing approaches to investing. Plus, thoughts on the state of more traditional portfolio strategies, and the current macroeconomic environment. Featured are Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office, and Cliff Asness, Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. Host: Daniel Cassidy

Sep 26

Social media posts from US President Trump overnight indicate a series of new trade tariffs. US buyers of foreign vanity units, soft furnishings, etc., as well as heavy trucks, and pharmaceuticals will be subject to new tariffs. The furniture tariffs, applied on national security grounds, are likely to have a muted impact. These are not high frequency purchases (lowering price awareness). Prices have already risen following earlier tariffs. Democrats appear to have redecorated early this year, presumably anticipating tariffs.

Sep 25

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, & Leticia Zemaitis, from the UBS Chief Investment Office.

Sep 25

The US releases revised second quarter GDP data. The market consensus is for no change (given data quality problems, “no change” in the details may be unlikely). US growth has been distorted this year—export and inventory data swung wildly between the first and second quarters. Unfortunately, the fiction of annualization assumes that what happens in a quarter, however unique, is continually repeated. This exaggerates first quarter weakness and second quarter strength.

Sep 24

On 1 July Ulrike Hoffmann-Burchardi assumed the role of Chief Investment Officer Americas, while continuing as Global Head of Equities for UBS Wealth Management. In a recent visit to the UBS On-Air podcast studio in New York, Ulrike outlined her vision for CIO Americas, discussed the evolution of artificial intelligence - including her experience in this space - and shared takeaways from her recent client conversations across the globe. Plus, we look at Ulrike’s career journey, and how she spends her time outside of the office. Host: Daniel Cassidy

Sep 24

Yesterday saw some increase in macro uncertainty, in case investors thought the world was getting predictable. US President Trump’s comments on Ukraine, and on Russia presented a change of tone. That added some risk premium into the oil price. However, investors tend to be cautious about overreacting to such individual statements.

Sep 23

We examine regulatory reforms being implemented by the Trump administration to the US banking sector, including a look at potential changes to capital requirements, along with implications for both fixed income and equity investors. Featured are Barry McAlinden, Senior Fixed Income Strategist Americas, & Jeff Harwood, Financials Equity Analyst Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Sep 23

Federal Reserve Chair Powell is to speak on the economic outlook at the Greater Providence Chamber of Commerce. The outlook is not likely to stray far from the tone of the last policy decision. Fed Governor Miran did stray quite a distance, suggesting rates were needed to be 2 percentage points lower (coincidentally, others outside the Fed have targeted that rate level). The consistency of Miran’s analysis might be challenged.

Sep 22

Jason drops by the studio to reflect on last week’s FOMC rate decision and market response. We then discuss expectations for rate cuts through the balance of the year, and into 2026. Plus, how and why the Fed funds rate will matter to markets from here, along with a review of CIO’s latest asset allocation recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Sep 22

South Korean exports fell in the first part of September (when adjusting for the number of working days). Exports to the US and China (which often ultimately end up in the US) were weaker. Semiconductor sales were a predictable source of strength.

Sep 21

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. This week - the Fed decision and dot plots, the US semiconductor roadmap and key releases for next week.

Sep 19

Shane drops by to recap this week’s UK state visit by President Trump and a variety of economic agreements that were announced. We also cover efforts by the Trump administration to privatize government sponsored entities. Plus, an update on government funding negotiations on Capitol Hill. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Sep 19

Xingchen rejoins to cover three key themes for China investors to watch, followed by investment opportunities, including China tech. We then explore the EM equities landscape following the first Fed cut, and highlight key opportunities in emerging markets beyond China tech. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Sep 19

Leslie joins in-studio to provide a fixed income performance update and outlook, including thoughts on how fixed income markets could respond to Fed rate cuts. Plus, a look at positioning considerations within the asset class, including views on investment grade, and agency mortgage-backed securities. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Carli Torres

Sep 19

Yesterday, French protestors took to the streets over the last government’s proposed spending cuts. This makes good social media content, and confirms stereotypical media biases, but should not change things for investors. France has large reserves of private wealth that could be mobilized to help fund government borrowing, but more democratic wealth increases mean that such mobilization would affect ordinary citizens.

Sep 18

The UBS AI Podcast explores the fascinating and evolving world of artificial intelligence, how it's transforming industries, redefining what's possible and reshaping the future. On this episode of the CEO Series, Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, converses with Winston Weinberg, CEO and Co-Founder of Harvey.

Sep 18

The Federal Reserve performed as expected—a quarter point rate cut and signals of more to come. The weakening US labor market is prioritized over ongoing inflation increases. That suggests rate cuts even as goods price inflation increases further into next year. Poor quality labor market data presents challenges to policy confidence.

Sep 17

Kurt rejoins in studio to share the latest on US trade policy (and potential paths forward) following the recent US federal appeals court ruling. We also touch on government funding negotiations, including a look at where roadblocks exist, and the prospects for a shutdown by the end of the month. Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Sep 16

On this week’s episode of Viewpoints, fresh off a recent trip to Uganda, Burkhard reflects on his travel notes and connection to country. We also outline considerations when it comes to investing in Africa, and what to know about Africa’s stock markets.

Sep 16

France has just installed its fifth prime minister in just two years, after another government lost a vote of confidence over its efforts to cut the nation’s bloated deficit. What does this political dysfunction in Europe’s second largest economy mean for investors? Does this mean that investors should stick with the US, where equities have continued to hit record highs? In this week’s episode of Across the Pond Claudia Panseri, CIO for France, and Dean Turner, the CIO’s European economist, explains that there are still plenty of compelling investment opportunities in Europe. The prospect of a rising euro as the Fed starts cutting rates makes this a good time for US investors to ensure adequate exposure to investments in Europe.

Sep 16

The US courts have confirmed Fed Governor Cook will participate in tomorrow’s policy decision. The US Senate has confirmed Council of Economic Advisors Chair Miran will participate in tomorrow’s policy decision. Neither confirmation is likely to change the policy outcome—with a rate cut widely expected. Whether a rate cut will achieve much economically is a more uncertain point.

Sep 15

Jason returns following a brief late-summer hiatus to share thoughts on recent market performance, expectations for this week's FOMC meeting, and what the meeting outcome could mean for the market direction from here. Plus, a look at portfolio positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Sep 15

Investors await this week’s Federal Reserve meeting, less for the decision (a cut is expected) and more for signals about the Fed’s worries for the future. The latest initial jobless claims data showed a weakening labor market, but some of those layoffs may be temporary unemployment (one automaker temporarily laid off workers because of a parts shortage, for instance). Temporary unemployment is more easily smoothed over by consumers.

Sep 14

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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week – the FOMC meeting and rate decision.

Sep 12

Shane drops by to update on government funding efforts ahead of the upcoming shutdown deadline, along with efforts in the Senate around the National Defense Authorization Act, and confirming Trump administration sub-cabinet nominees. Plus, thoughts on the US government taking direct equity stakes in private companies. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Governmental Affairs US. Host: Daniel Cassidy

Sep 12

The August US consumer price inflation data was not surprising. Durable goods prices continue to rise—after 29 months of deflation, their inflation rate has been positive and rising since May. These are less frequent purchases and so while the price moves do erode spending power, the consumer tends to be less aware of them.

Sep 11

US official producer price inflation data was weaker than expected, but the details presented an interesting story. US assembled computers, electronic components, tires, and home textiles saw very abrupt increases in price, and the proxy for profit margins expanded for sectors like clothing stores.

Sep 10

Geopolitics is making headlines, but is generally ignored by markets. Israel’s air strike in Qatar moved the oil price a small amount, but investors are not pricing meaningful supply disruption. Reports of Russian incursions into Polish airspace are similarly downplayed. France has a new prime minister—Lecornu. While markets are not likely to bet on policy change, the US experience demonstrates the drag that policy uncertainty can have on corporate activity.

Sep 9

French Prime Minister Bayrou is expected to resign, having lost a parliamentary vote of confidence related to fiscal proposals. Assuming someone can be persuaded to take the job, that means five French prime ministers in under two years. Political turnover, debt, demographics, etc. invite parallels to 1990s Italy—but in drawing such parallels, it is worth remembering that Italy managed its debt position perfectly well over that period.

Sep 7

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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week – key inflation data (CPI) due out on Thursday.

Sep 5

US August employment data is due. Falling survey response rates, rising complexity, and less funding for data collection have caused data quality to deteriorate. A range of indicators signal a weaker labor market, without causing middle-income US consumers to weaken much. Federal Reserve Chair Powell’s data dependency focus means a rogue number might deter a US rate cut, but markets assume the narrative of economic weakness takes priority.

Sep 4

The Federal Reserve has to decide policy based on how far it believes labor markets will weaken, how high inflation will go, and whether higher inflation will persist. (There is also the question of whether rate changes will change any of those issues). On balance, yesterday’s information points to rate cuts.

Sep 2

Gold prices hit a new record overnight. The gold rally has its foundations in central bank accumulation. Central banks that hold gold still hold a dollar reserve asset (just one that is independent of US Treasury control). That foundation has been built on with expectations of US rate cuts.

Sep 1

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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week – the August employment report, AVGO’s earnings, plus, thoughts on current equity valuations.

Aug 29

US July personal income and spending data is due. The middle income consumers’ relatively strong starting point for the year has helped to sustain consumption, although political polarization has created some distortions in spending. Consumption remains the key focus for overall economic activity in the US this year.

Aug 28

On this week’s episode of Viewpoints, Burkhard reflects on and share takeaways from his UBS summits on longevity, and shares perspective around the connection between longer lives and rising markets. Plus, a look at where to find opportunity in the current environment.

Aug 28

The US provides another official estimate of second-quarter GDP. These numbers will be revised further in the future. Policy expectations distorted demand patterns for domestic consumers, but the relative strength of the middle-income US household balance sheet late last year provides a foundation for some consumer spending. Weekly continuing claims for unemployment insurance are a modest market focus.

Aug 27

Apollo Lupescu is a Vice President at Dimensional Fund Advisors. We cover a wide range of top of mind topics for investors, including a look at the US macroeconomic environment, the road ahead for monetary policy, the impacts of US trade policy to economic activity, asset allocation views, and more. Host: Daniel Cassidy

Aug 27

US taxes on Indian imports doubled to 50%. US importers should pay the old tax rate on goods already en route to the US, delaying the effect. With full pass-through and no demand switching, the tax increase would add less than 0.1 percentage point to US consumer price inflation. However, the unpredictability of US trade policy affects global corporations as they manipulate their supply chains.

Aug 26

Jason reflects on last week’s Jackson Hole Symposium, and speech delivered by Fed Chair Powell - we discuss what the speech suggests about the road ahead for monetary policy, and the market response. Plus, thoughts on overall market pricing as of late, and what investors have been focused on, along with a look at the latest asset allocation recommendations from CIO, per the latest UBS House View. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Aug 26

US President Trump issued a letter purporting to fire Federal Reserve Governor Cook—an unprecedented action. After recent comments, investors will inevitably view this as an assault on Fed independence. There are obstacles—Trump already appointed a majority of Fed governors, without changing policy independence. If the dismissal survives the courts, the Senate must confirm any successor. Fed presidents still have policy votes. Faith in these checks may limit the negative market reaction.

Aug 25

Federal Reserve Chair Powell’s speech at Jackson Hole last week was classic Powell. That is not a terribly good thing. Powell signaled an increased probability of a September rate cut to counter the damage of trade taxes on the US economy. Markets liked that. But this was essentially the “data dependent” mantra padded with additional rhetoric.

Aug 25

Tune in every Monday morning 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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week - NVIDIA’s earnings on Wednesday.

Aug 22

Dan Peris is a Senior Portfolio Manager, and Head of the Income and Value Group at Federated Hermes and has authored several books that are focused on equity investing. Dan joins the 1285 studio in New York to share his thoughts on the current landscape for dividend equity investing, including a look at positioning considerations, and risks. We also discuss the benefits of geographic diversification for equity investors, along with highlight investment themes. Host: Daniel Cassidy

Aug 22

In my view, central bank policy would have been better served had US President Trump extended former Fed Chair Yellen's term instead of appointing Powell. Powell has lacked confidence, and failed to articulate a medium-term vision for the economy at a time of uncertainty caused by structural change. The resulting mantra of “data dependency” has not been helpful as data has very obviously become significantly less reliable.

Aug 21

The Federal Reserve meeting minutes offered no surprise—a majority of members thought inflation a bigger threat than unemployment, which was obvious given the vote. US President Trump called for a Democrat-appointed Fed governor to resign. In the broader context, investors may worry about whether the Fed still has the appearance of being independent. In a fiat currency system, trust is key and even the appearance of undermining independent policy or data is dangerous—in this case, also threatening the US dollar’s reserve role.

Aug 20

On this week’s episode of Viewpoints, Burkhard reflects on last Friday’s Alaska summit and how investors should link about peace efforts for Ukraine and the region. We also preview this week’s Jackson Hole symposium where Fed Chair Jerome Powell will focus on the themes of changing demographics, productivity and macroeconomic policy. Plus, a preview of an upcoming investor summit in Switzerland which will be hosted by Burkhard.

Aug 20

The UK actually managed to publish some data without delay or suspension. July inflation rates were slightly higher than expected, although disinflation forces are also evident. A 30.2% monthly increase in airfares did much to push the figures higher. This is almost certainly a seasonal adjustment distortion related to school holidays.

Aug 19

The global data calendar is unusually empty today, allowing investors a chance to speculate idly without any substantial information. This is particularly dangerous in the social media world of hashtag economics—fake news can spread faster and farther than the truth.

Aug 18

Jason drops by to reflect on the recent July inflation prints and what the data suggests about the inflationary environment in the US. We also address concerns about potential political interference in producing economic data, preview Chair Jay Powell’s speech at Jackson Hole, and review CIO’s investment recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Aug 18

Market reactions to Friday’s events in Alaska are likely to be muted. The Russia-Ukraine war is not producing many market significant outcomes. While US President Trump seems to be following Russian President Putin’s lead at the moment, the changeable nature of administration policy means investors are not likely to take any direction as certain.

Aug 18

Tune in every Monday morning 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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week – progress on Russia-Ukraine peace talks, key retail earnings, and remarks from Fed Chair Powell.

Aug 15

Our conversation outlines the current landscape for fixed income investors, and where to locate opportunity within the asset class. We also touch on an outlook for monetary policy, rates and the macro environment. Featured are Scott DiMaggio, Head of Fixed Income with AllianceBernstein, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office. Host: Daniel Cassidy

Aug 15

While official US July producer price inflation numbers were higher than expected, the signs of the progression of trade taxes were as expected. Supply chains have become longer and more complex—trade taxes progress down supply chains over months, not days. Rising producer prices without rising consumer prices does not automatically mean profits are being squeezed—it means goods in stores represent pre-tariff production, but goods at factory gates are increasingly using tariffed inputs.

Aug 14

On this week’s episode of Viewpoints, Burkhard shares thoughts on how key forces such as the labor market, inflation, and political pressure are shaping the Fed’s decision making on monetary policy, along with how this year’s dollar-decline compares to previous declines. Plus, guidance when it comes to navigating turbulent markets.

Aug 14

UK second-quarter GDP was stronger than expected. The numbers will of course be subject to revision (and lots of revision), but for the time being this rather confounds the insistent negative narrative. Growth seems to have been focused toward the end of the quarter.

Aug 13

Kurt rejoins in-studio for the latest POTUS 47 update where we discuss the developments surrounding US trade policy, concerns over Fed autonomy, and geopolitical points of interest - how these factors have been impacting the markets and shaping the investment outlook. Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Aug 13

Yesterday’s July US consumer price inflation data showed trade taxes seeping into prices. US appliance prices are higher than in March—in most other major economies, they are lower. Tire prices leapt in July. Auto prices are not reflecting tariffs, but that was not likely—cars arriving as late as June would have been tariff exempt, and from dockside to car lot takes up to six months. Pre-tax auto inventory is currently being sold.

Aug 12

In this month’s Fixed Income Strategist, we review foundational elements of the fixed income market and outline rationale for maintaining a diversified approach within the asset class. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, & Barry McAlinden, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Carli Torres

Aug 12

US July consumer price inflation is due. The details will show more of the April trade taxes seeping into consumer prices—although a 10% tariff equates to around a 4% consumer price increase, and service prices should be largely unaffected. This data is less reliable than that released just six months ago—not because of political bias, but because funding cuts mean fewer price points are measured.

Aug 11

As markets continue to shrug off risk factors, Jason shares thoughts on the current environment and how to position within. We discuss the week’s notable macro data releases, spanning inflation readings to retail sales, the potential policy impacts of recent Fed personnel changes, along with share an outlook for gold. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Aug 11

The US administration has promised to clarify “misinformation” about trade taxes on gold following an official ruling from customs officials suggesting US buyers of certain gold bars have been taxed since 9 April. That could potentially include some of the gold now covering the walls of the White House’s oval office. Investors suppose a clarification means a repudiation of the ruling. This rather chaotic process might make investors suppose the details of trade taxes had not been properly thought through, but that would be unthinkable for so important a policy position.

Aug 11

Tune in every Monday morning 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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week – key macro releases, including CPI, Retail Sales, and Industrial Production data, along with the remains of the Q2 corporate earnings season.

Aug 8

Join Jeremy Zirin, Senior Portfolio Manager and Head of the Private Client US Equity Team with UBS Asset Management, as he shares a performance update for US equities at the midpoint of 2025. We also cover an outlook for the US economy, the ongoing impact of artificial intelligence to US equities, along with a look at equity sector themes. Host: Daniel Cassidy. Recorded on 25.07.24

Aug 8

The Financial Times reports that the US has declared imports of one kilogram and 100 ounce bars of gold are subject to trade taxes. If true, US citizens who tried to hedge the inflation impact of US President Trump’s trade taxes by buying gold bars must pay those same taxes on their hedge. The ruling suggests gold imported between 9 April and 7 August was subject to tariff, underscoring how tariffs work. Gold importers are liable, and they (not exporters) will be pursued in the courts if they do not pay the tax. Holders of gold futures, etc. would not be subject to trade taxes.

Aug 7

A look at the performance landscape and outlook for preferred securities through 2H25, including a review of sector risks and opportunities. Featured is Frank Sileo, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Aug 7

US manufacturers live in confusing times. Alongside the widespread increases in taxes on imports that took effect this morning, US President Trump suggested a 100% tax on imports of microchips. However, in a maneuver that was less a retreat and more a pirouette, these taxes will not apply to imports from some specific companies, including some of the largest exporters to the US. That blunts the cost of the tax and tilts this toward spin rather than substance, but increases the paperwork associated with doing business in the US.

Aug 6

On this week’s episode of Viewpoints, Burkhard shares thoughts on a range of timely topics, including ongoing tariff negotiations, July US payroll data, along with shakeups at the US Bureau of Labour Statistics and Fed Board of Governors. Plus, a look at the challenges facing health care companies, and highlights from a cycling journey through Denmark.

Aug 6

Paul drops by the studio to outline the key themes that business owners should be mindful of throughout 2H25. We also cover the evolving macroeconomic environment, and discuss what a lower rate environment could mean for business owners. Featured is Paul Hsiao, Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Aug 6

There is apparently a shortlist of four for the position of next governor of the Federal Reserve, and prospective nominee to be chair of the board of governors. US Treasury Secretary Bessent is not on the short-list. The question is whether anyone nominated can possibly shake off the perception of being a political puppet.

Aug 5

What differentiates an emerging market from a developed one? Alejo drops by the studio to explain, as the lines separating developed and emerging markets are blurring. Plus, a look at related investment implications for emerging market investors. Featured is Alejo Czerwonko, CIO for Emerging Markets Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Aug 5

The US June trade balance is due—measuring both goods and services. For some bilateral relationships (e.g. trade with the EU), the US goods deficit is almost entirely offset by a services surplus. Goods export patterns have been distorted by the anticipation of trade taxes, and to some extent by boycotts of US goods. It is unlikely that there will be any evidence of tariffs transforming the US into an export powerhouse.

Aug 4

The US dollar has suffered its sharpest first-half decline in over 50 years, raising questions about its safe-haven status and long-term dominance. We explore the drivers behind the dollar’s slide, the implications for international portfolios, and why now is the time for investors to review and diversify their currency exposures. Join Dominic Schnider, Head CIO Global FX & Commodity, and Constantin Bolz, CIO FX Strategist, for a discussion with co-hosts Christopher Swann and Belinda Peeters.

Aug 4

Coming off what was an eventful week for investors (in unexpected ways), and combined with a notable selloff in US equities, Jason drops by to weigh in as to where markets may be headed from here (and whether persistent market volatility should be expected). We recap last week’s, FOMC meeting, July Jobs report (and revisions), Q2 earnings, and a key Fed resignation. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Aug 4

Last Friday’s US employment report revisions were in line with a fragile labor market narrative. The story is still “not hiring, not firing.” Falling manufacturing employment is consistent with policy uncertainty. The most troubling development on Friday was not the data, but US President Trump firing the Bureau of Labor Statistics commissioner.

Aug 4

Tune in every Monday morning 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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week - US initial jobless claims data, continued Q2 earnings results, and further potential trade developments.

Aug 1

We close out a busy macro week by examining the current health of the US labor market, and what the July Jobs Report might mean for the course of monetary policy. We also recap this week’s FOMC meeting and press conference, unpack the Q2 US GDP print, and preview what you can expect in the week ahead. Featured is Danny Kessler, Asset Allocation Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Aug 1

The global economy is reverberating with the dull thud of the yoke of taxation dropping onto the shoulders of US consumers. These taxes do not show up in consumer baskets with full force until January next year—the question is whether the courts will overturn these taxes before then. If they do (forcing the government to return tax revenues to the US supply chain), it is possible US consumers will never fully appreciate the costs.

Jul 31

Patricia Zobel serves as Head of Macroeconomic Research and Market Strategy for Guggenheim Partners Investment Management, and previously served as an executive at the Federal Reserve Bank of New York (New York Fed). Patricia rejoins the podcast to share perspective on a range of topics, spanning an outlook for the US economy, US trade policy, Fed independence, and the direction of monetary policy. We also spend time on allocation preferences. Host: Daniel Cassidy

Jul 31

The Federal Reserve offered no surprises on rates. Fed Chair Powell tried to present the two dissenting views as being rationally based, but investors are bound to suspect that the rationale amounted to little more than an excited jumping up and down and shouting “pick me, pick me” in the general direction of the White House. The press conference gave a slightly hawkish tone in anticipating the trade tax inflation yet to come.

Jul 30

The Federal Reserve meets to decide interest rates—over a hundred economists expect no change. The question is whether one can credibly disagree, without appearing as a political puppet. A case can be made for rate cuts (if one views US President Trump’s trade taxes as a heavier burden on US consumers). However, even if a Fed member sincerely believes that scenario, their dissent would almost inevitably be viewed as Trump twitching the political puppet strings in the background.

Jul 29

The US June trade balance is due—a number once overlooked but which politics has made it matter. Are international investors rushing to buy more US-made products? They are not (Canadians seem to be rushing in the other direction). Are US consumers less inclined to buy foreign goods? Probably not—even as late as June, some imports will not yet be hit with trade taxes. The euro has weakened, allegedly in response to concerns about the economic implications of the trade “deal”; but we still lack “deal” details, and the reaction of US companies will also matter to the EU economic outlook.

Jul 28

Jason drops by the studio to preview a busy week that includes an abundance of Q2 earnings results, the July FOMC meeting, and the July employment report. We also reflect on recent trade news involving the EU and Japan, and what it all means for tariffs going forward. Plus, a look at CIO’s latest positioning recommendations, and thoughts on how a big structural risk shift in the private sector is being masked by a relative market calm. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jul 28

The EU and the US agreed that US consumers should pay more tax—levied at 15% for imports from the EU. EU President von der Leyen made vague pledges to buy stuff from and invest in the US, without the necessary authority to make those pledges reality. Pharmaceuticals and steel seem to be excluded from this deal. The result is better for the US economy than the worst-case scenario, but worse for the US economy than the situation in January this year—but it is bad news markets have probably anticipated.

Jul 28

Tune in every Monday morning 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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week – Mega-tech Q2 earnings results continue, the FOMC meeting and rate decision, further potential trade developments ahead of the Aug 01 deadline, and the July employment report.

Jul 25

Arif Joshi serves as a Portfolio Manager and Analyst on Lazard Asset Management's Emerging Markets Debt team. Our conversation focuses on recent and ongoing developments surrounding US trade policy, along with implications to the economy, and international markets. We also spend some time on pressing geopolitical topics such as the condition of the US-China relationship, along with the ongoing Russia-Ukraine War. Host: Daniel Cassidy

Jul 25

From time to time, these comments might have given the impression of dissatisfaction with Federal Reserve Chair Powell. While one can (very) credibly disagree with Powell’s policies, those policies are independent. Yesterday, Powell defended that independence, publicly correcting US President Trump’s errors about the Fed’s building projects. Powell suggested that Trump’s trade tax policy was behind some cost overruns (a subtle reminder that US consumers pay tariffs, not foreign exporters).

Jul 24

Shane drops by to share the latest developments on trade, spanning Japan to the European Union. We also touch on efforts by both sides of the isle to redraw Congressional districts in states such as Texas, California, and New York. Plus, a look at why the August recess for Congress has commenced early, and what to watch out for when lawmakers return to Capitol Hill in September. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Governmental Affairs US. Host: Daniel Cassidy

Jul 24

On this week’s episode of Viewpoints, Burkhard shares some boots-on-the-ground insights from Germany, as he explains the drivers behind Germany’s market gains and economic momentum, including takeaways from conversations with German businesses and investors. We also touch on considerations for international investors in today’s market and macro environment.

Jul 24

US Commerce Secretary Lutnick suggested US rates should be cut now, and Federal Reserve Chair Powell should resign or be fired. Do investors want to live in a world where Fed independence is compromised and Lutnick influences policy? To judge from the dollar’s reaction, the answer is “no”.

Jul 23

The proposed US-Japan trade deal means US buyers of Japanese goods (including autos) face a 15% tax. Steel is still taxed at 50%. Of course, deals are not the same as implementation, as the UK steel industry can testify. There are media reports that Japanese Prime Minister Ishiba will resign in August. Investors are unlikely to expect significant policy change given the lack of a majority in either house of the Diet.

Jul 22

Paul rejoins in-studio to spotlight a special edition of the CEO Macro Briefing Book publication series which covers tax and economic considerations that stem from the One Big Beautiful Bill, for both business owners and individuals. Featured is Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jul 22

US Treasury Secretary Bessent suggested a “wholesale review” of the Federal Reserve was necessary (while supporting central bank independence). In the context of recent challenges, these remarks may trouble investors. Central bank independence was critical to the post-1970s moderation of inflation, and helped prevent the post-pandemic inflation from being worse than it was.

Jul 21

Despite relatively low trading volumes and narrow trading ranges as of late, there is still plenty factors top of mind for investors that could stir up market volatility in the weeks ahead. This morning, we check-in on the Q2 earnings season, reflect on Fed independence concerns, and assess macro uncertainty stemming from evolving US trade policy. Plus, a review of CIO’s market outlook and portfolio positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jul 21

South Korean export data for the first part of July showed growth, adjusted for differences in working days. Semiconductor sales were strong, and exports to Europe continued to grow. The US habit of taxing its consumers if they buy foreign steel meant exports in that sector were weaker. The data is a reminder that while the US is an important economy, there are other important economies that are not burdening their consumers with additional taxes.

Jul 20

Tune in every Monday morning 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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week – How AI will feature in upcoming tech earnings, macro uncertainty stemming from evolving US trade policy, and how to think about Fed independence concerns.

Jul 18

Torsten rejoins Jason in the New York podcast studio to exchange thoughts on Fed independence (and the course for monetary policy), the direction of US trade policy (and economic implications), along with 2H25 market outlooks and portfolio positioning considerations. Featured are Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office, and Torsten Slok, Partner and Chief Economist with Apollo Global Management. Host: Daniel Cassidy

Jul 18

After this week’s events, the question is whether anyone can advocate for US rate cuts without being seen as a political puppet? Yesterday, Federal Reserve Governor Waller offered some (debatable, but valid) economic points in favor of US rate cuts, but the position is politically tainted. The problem for the Fed and markets is that the US administration’s policy continues to create considerable uncertainty about the economic outlook.

Jul 17

The UBS AI Podcast explores the fascinating and evolving world of artificial intelligence, how it's transforming industries, redefining what's possible and reshaping the future. On this episode of the CEO Series, Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, converses with Dr. Kai-Fu Lee, Chairman of Sinovation Ventures, and CEO of 01.AI.

Jul 17

With 2H25 now underway, Leslie shares a performance outlook for fixed income assets, along with outlines positioning and risk considerations. We also touch on an outlook for interest rates and share views on investment grade versus high yield bonds. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Carli Torres

Jul 17

US President Trump has recently shown an eagerness to change the media narrative. The narrative changed yesterday with speculation about the future of Federal Reserve Chair Powell. That shift might be expensive. Trump declared they had been “surprised” by Powell’s appointment. Trump originally appointed Powell.

Jul 16

Shane drops by to highlight the legislative focuses of Congress post One Big Beautiful Bill, including a look into “Crypto Week” which is currently taking place up on Capitol Hill. We also touch on the latest with respect to US trade policy and negotiations with the EU and Mexico. Plus, thoughts on the latest US involvement in the Russia-Ukraine War. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Jul 16

US June consumer price inflation gave some troubling signals about data quality—not only are fewer prices being measured, there is circumstantial evidence that budget cuts mean more prices are being guessed. However, on the basis of the numbers provided, it is clear that President Trump’s trade taxes are being passed through to US consumers—the monthly increase in consumer appliance prices was the fastest this century.

Jul 15

A mid-year performance recap and outlook for the municipal bond market, including a look at why munis are poised for a better second-half performance. We also cover sector preferences, policy implications, and investment considerations for long-term munis. Featured is Sudip Mukherjee, Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jul 15

US June consumer price inflation is the first number that might show trade tax effects. Only half the expected trade tax rise has hit the economy so far. Inventory stockpiling means pre-tax items are still available. How readily US firms can pass on price increases matters. Post-pandemic inflation made this easier. Tariffs have dominated the (non-Republican) media narrative, making price increases easier. The details, not the headlines, will indicate the potential scale of the inflation surge.

Jul 14

Jason weighs in on range of top-of-mind topics to begin the week, including the resurgence of tariff and Fed independence concerns, along with a preview of the upcoming earnings season and June inflation data. We also touch on why the “Roaring 20s” regime is still in play, and review CIO’s current market outlook and positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jul 14

Financial markets seem content to assume US President Trump will default to retreating from their latest trade tax threats. If financial investors want to change their position, they can do so at the touch of a button. In the real world, decisions around factory construction or hiring cannot be reversed so quickly, and the random nature of policy therefore raises real world risks that may have consequences.

Jul 14

Tune in every Monday morning 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 the most important market drivers in the week ahead, along with opportunities beyond the consensus. This week - how to think about this past weekend’s tariff developments, high equity valuations, June CPI data, and bank earnings.

Jul 11

On this week’s episode of Viewpoints, Burkhard weighs whether investors are entering the summer season with a sense of complacency as markets hover near all-time highs despite persisting uncertainty. We also touch on the prospects for Fed rate cuts in the coming months and the implications of the implementation of “curve control” to investors and global markets.

Jul 11

Matt Tormey, Equity Strategist Americas from the UBS Chief Investment Office, joins Shiavon Chatman to recap the trading week - including an update on the latest developments surrounding US trade policy, and thoughts on current US equity valuations. Plus, a preview of the upcoming corporate reporting season, and recommendations when it comes to positioning within US equities.

Jul 11

The latest US tax increases were a 35% tax on products from Canada—in spite of Canadian concessions over digital taxes. It is not clear if the tax applies to all Canadian products, or just products not covered by the revised NAFTA (currently taxed at 25%), or to oil (currently 10%). US President Trump signaled that when they were tired of the lost art of letter writing, all remaining countries would be taxed at 15% to 20% (the penguins of the Heard and McDonald Islands thus know their fate).

Jul 10

Alejo rejoins in studio for a mid-year conversation on the Emerging Markets, including a recap of first-half performance drivers, expectations for the second-half, and thoughts on positioning across emerging market assets. Featured is Alejo Czerwonko, Chief Investment Officer for Emerging Markets Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jul 10

The Federal Reserve meeting minutes were a masterclass in the art of sitting on a fence. US President Trump’s trade tax inflation might be a one-off, or it might persist. The labor market may be weak enough to justify rate cuts, or not. Uncertainty over trade tax levels is a problem, but the real issue is the lack of clarity about the severity of second-round effects (e.g. profit-led inflation). Masterful inactivity seems the default policy option.

Jul 9

Jordan Brooks serves as Principal and Co-Head of the Macro Strategies Group at AQR Capital Management. With no shortage of macroeconomic and geopolitical risks out there for investors to consider, Jordan explains what is top of mind for his team at AQR, and shares guidance when it comes to navigating these types of risks accordingly (including the role alternative investments can play in a portfolio). Host: Daniel Cassidy

Jul 8

A look at the investment case for Brazil, and why the environment of today differs from that of the past. We also discuss the implications of a weaker US dollar, global trade tensions, and the direction monetary policy to Brazilian assets. Plus, an overview of risk considerations. Featured are Xingchen Yu, Emerging Markets Strategist, and Laura Smith, Equity Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Jul 8

US President Trump announced the start of a new wave of taxes on US consumers, with a 25% tax on US citizens who want to buy products from South Korea and Japan. Other countries’ exports also received higher tax rates, but it seems a wasted effort to analyze every Trump social media post when investors understandably anticipate future retreats. Japan and South Korea accounted for around 8.5% of US imports last year, so this tax increase adds 0.1 to 0.2 percentage points to consumer price inflation.

Jul 7

Kurt rejoins the conversation to outline the notable takeaways and investment implications of One Big Beautiful Bill, which was signed into law by President Trump on July 4th. We also cover upcoming legislative priorities of Congress, along with an update on trade negotiations, and what to know what upcoming trade-related deadlines. Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jul 7

The additional taxes US President Trump intended to impose on US consumers from Wednesday will now be delayed until 1 August. That means that, allowing for some stockpiling ahead of Christmas, consumers may not experience the inflation spike from these taxes until January next year—assuming that Trump does not retreat again.

Jul 6

The US has been at the vanguard of the global AI revolution, having been responsible for the bulk of innovation, capital spending, and adoption. But there are plenty of underappreciated investment opportunities in the rest of the world. In this podcast, CIO tech guru Sundeep Gantori explains how to gain exposure to AI innovation in Asia, Europe, and the Middle East, with co-hosts Christopher Swann and Belinda Peeters.

Jul 4

The US June employment report was strong enough in the headline to dispel ideas of a sudden US interest rate cut. It was troubling enough in the detail to suggest a more negative outlook for the US economy. Job creation was very narrowly focused.

Jul 3

While optimism over easing tariff risks has buoyed markets so far, the US administration’s tough trade stance and the Israel-Iran conflict continue to fuel volatility and uncertainty. How can investors balance opportunity and risk amid these shifting dynamics? Plus, will the US dollar fall further, and what are the key strategies for diversifying beyond the USD?

Jul 3

Tomorrow’s US holiday means US labor market data appears today. There is a hint today’s report may be weak. US presidents normally see the data the night before release. Last night, US President Trump issued a social media post calling for Federal Reserve Chair Powell to resign. Policy uncertainty and the largest tax increase in modern times are more likely to damage the labor market than Fed policy, but the post might signal weaker data.

Jul 2

Jay Dobson is joined by Rob Thummel for an in-depth conversation about where we are in the energy evolution story, including a look at technological innovations, investment considerations, and what to expect in the years ahead. Plus, thoughts on geopolitical risks to be mindful of when it comes to energy investing. Featured are Jay Dobson, Energy and Utilities Sector Strategist Americas, with the UBS Chief Investment Office, and Rob Thummel, Senior Portfolio Manager, at Tortoise Capital Management. Host: Daniel Cassidy

Jul 2

The US Senate passed legislation to enshrine an unsustainable fiscal position into law. The bill goes to the House, where it may run into difficulties. Some fiscal conservatives are unhappy with the unsustainable part of US fiscal policy. Markets are not likely to react to squabbles over details—unsustainable US fiscal policy is well understood, and the economic effects of redistributing from lower income to higher income households will take time to emerge.

Jul 1

Michael Lippert is a Vice President, Portfolio Manager, and serves as the Head of Technology Research at Baron Capital. Listen to a wide-ranging conversation about the evolution of AI, including an assessment of the energy requirements to sustain global demand, a look at the global competitive landscape, along with anticipated future use cases of this rapidly evolving technology. Host: Daniel Cassidy

Jul 1

The US administration seems to be retreating from the idea of “90 trade deals in 90 days”. With less than a week to go, they have a half-hearted agreement with the UK and a de-escalation with China, and little else. The idea is that interim agreements will be sought, retaining the 10% tax on US consumers of foreign products. Uncertainty about future product-specific taxes appears to be making it more difficult to do deals.

Jun 30

As we officially move into the second-half of 2025, Jason assesses the factors that have driven recent market performance and investor sentiment, along with outlines CIO’s near-to-medium term market outlook. Plus, a review the portfolio positioning recommendations per the July UBS House View. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 30

Over the past few days, Canada and the US stopped talking about trade, and started talking about trade again. Unusually, this was not a unilateral retreat by the US—Canada surrendered its digital services tax. Markets, quite rightly, are ignoring all of this. US President Trump cut taxes on US consumers of UK cars—from today the tax goes to 10%.

Jun 29

Join Jeff Hans, Portfolio Manager with UBS Asset Management, as he shares a performance update for US equities. We also cover an outlook for growth v. value, the ongoing impact of artificial intelligence to US technology stocks, along with takeaways from recent investor conferences. Recorded on 25.06.18

Jun 27

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 and Frank Sileo, from the UBS Chief Investment Office.

Jun 27

Shane drops by with the latest developments out of the Middle East, as we continue to monitor the US, Israel, Iran ceasefire, and assess last weekend’s US strikes on Iran’s nuclear sites. Plus, takeaways from this week’s NATO summit in the Netherlands, and a status update on the Reconciliation package being worked through Congress. We also touch on Congressional efforts to establish a regulatory framework for stablecoins. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Jun 27

Japan exhibited some disinflation with the June Tokyo consumer price data. Using the international definition of core inflation, the rate slowed to 1.8% y/y. A lot of the headline inflation seems to be driven by non-fresh food, perhaps suggesting relative price shifts rather than strong, broad inflation momentum.

Jun 27

On this week’s episode of Viewpoints, Burkhard shares his thoughts on recent geopolitical developments, and how global markets (including oil) have responded over the past few days. Plus, an assessment of market valuations, along with outlook scenarios. To conclude, Burkhard reflects on his unforgettable cycling journey through the Swiss Alps, and cites intersections with the world of investing and the rich history of Switzerland.

Jun 26

The Wall Street Journal reports US President Trump may announce the next Federal Reserve Chair in September or October. The Senate needs to confirm the Chair, and in Trump’s first term was prepared to oppose several of Trump’s Fed nominees. Only convention prevents the Fed from overruling the Chair—an obvious political appointee may be ignored by the FOMC. The greatest threat to policy independence would be someone who was not an obvious political puppet but was swayed by Trump’s instructions.

Jun 25

Dan rejoins the conversation with Jason in studio to exchange thoughts on how to approach asset allocation in today’s market and macro environment. We also spend time weighing potential directions for US trade policy, along with the Fed, geopolitical considerations, and more. Featured are Jason Draho, Head of Asset Allocation Americas with the UBS Chief Investment Office, and Dan Ivascyn, Group Chief Investment Officer for PIMCO. Host: Daniel Cassidy

Jun 25

In the US yesterday, Federal Reserve Chair Powell delivered a speech to members of the House of Representatives (most of whom are not economists). The main messages were: no rush to cut rates, and trade taxes create uncertainty. This will not surprise markets. There was a further softening of the data dependency mantra, as Powell focused on future inflation as a reason to keep rates unchanged for now. Powell testifies again today.

Jun 24

Our conversation outlines the current landscape for fixed income investors and where to locate opportunity within the asset class. We also discuss the convergence of public and private credit, along with the risks and opportunities within private credit to be mindful of. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office, and Amanda Lynam, Head of Macro Credit Research within the Portfolio Management Group, BlackRock. Host: Daniel Cassidy

Jun 24

Iran and Israel seem to be saying “if they stop, I’ll stop”, although there were some missile exchanges overnight. That is enough for markets, with oil prices back to the levels of a couple of weeks ago (wiping out the potential economic impact). As with situations like North Korea, investors are not inclined to give weight to extreme tail risks, so things like the location of enriched uranium will be overlooked.

Jun 23

With the summer season now officially underway, it is already shaping up to be an eventful one for investors. In addition to this past weekend’s geopolitical developments in the Middle East, policy developments on tariffs and taxes, the potential impact of tariffs on the economy, and corporate earnings will keep investors preoccupied. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 23

We live in a world of political polarization and soundbite economics. That encourages sensationalism. Deckchair generals will offer extreme opinions on the US attacks on Iran. Both supporters and opponents the attacks are likely to dramatize events. Investors should be cautious of knee-jerk overreactions.

Jun 20

UBS WM Chief Economist Paul Donovan discusses the current hostilities between Israel and Iran and what they might mean for the global economy and markets. Why have geopolitical crises historically dominated the headlines, but faded so quickly from the attention of investors? And are there tectonic shifts in global politics that investors can’t afford to ignore? Paul is joined by co-hosts Christopher Swann and Belinda Peeters

Jun 20

On this week’s episode of Viewpoints, Burkhard outlines potential scenarios as to how developments in the Middle East involving Israel and Iran could evolve, and how to prepare your portfolio accordingly. We also touch on what has been a busy week for the Fed, and other global central banks.

Jun 20

European powers begin nuclear talks with Iran, and the US has signaled that it does not intend to decide on military strikes against Iran for two weeks. That means two weeks of uncertainty for financial markets, but investors are still inclined to see the Middle East conflict as a local, not a global, economic issue.

Jun 19

The US Federal Deserve did as expected yesterday—nothing. The Fed’s dilemma can be summed up by a comment from US President Trump (in a different context) “I mean, nobody knows what I’m going to do”. The uncertainty about trade taxes, fiscal policy, and the reactions of US companies and consumers means (as Fed Chair Powell noted) there can be very little certainty about the future path of interest rates.

Jun 18

On this week’s episode of Viewpoints, Burkhard outlines potential scenarios as to how developments in the Middle East involving Israel and Iran could evolve, and how to prepare your portfolio accordingly. We also touch on what has been a busy week for the Fed, and other global central banks.

Jun 18

Learn about how retirees can manage taxes when withdrawing from their accounts in retirement to ultimately improve their after-tax growth potential. Featured are Justin Waring, Senior Total Wealth Strategist, & Ainsley Carbone, Retirement Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 18

Yesterday’s US data flurry gave hints about trade tax effects. Headline retail sales were weakened by poor auto sales. Some consumers bought cars early, anticipating trade taxes, and so did not show up at car dealerships in May. Import prices rose, suggesting that foreign companies were not absorbing trade taxes (so US companies and consumers will pay). Japan’s May trade data did show a 4.7% m/m drop in passenger car export prices, suggesting Japan’s automakers were absorbing some of the tariffs. Only auto prices showed this shift, which should appear in June’s US import price data.

Jun 17

We examine recent muni market performance, along with look at the investment case for the asset class against a backdrop of macro uncertainties. We also spotlight CIO’s risk assessment framework of local government obligors. Featured is Sudip Mukherjee, Senior Fixed Income Strategist Americas, and Jeannine Lennon, Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 17

US President Trump left the G7 summit a day early. Their departure does not change much of substance—the US was resisting a joint statement on Iran-Israel. However, there is symbolism about Trump’s willingness to cooperate with others. An executive order to implement some of the UK trade agreement was signed, but little progress seems to have been made with Japan.

Jun 16

We begin the week by covering the conflict involving Israel and Iran, along with the potential market impacts (including to oil prices). Plus, a preview of this week’s G-7 summit in Canada, along with the FOMC meeting. We conclude by outlining portfolio considerations when it comes to navigating geopolitical and policy risk. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 16

Xingchen rejoins the conversation to share an update on US-China trade negotiations, along with a look at the health of China’s economy and markets. We also touch on considerations when it comes to global diversification for portfolios. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 16

The ongoing exchange of missile strikes between Iran and Israel this weekend has not had a major impact on financial markets. The severity of Israel’s initial strike against Iran was unexpected and caused a reaction. Further market moves would be justified only if there were expectations of even more disruption to energy supplies or shipping lanes.

Jun 13

Shane drops by to share the latest developments out of the Middle East involving Israel and Iran, along with notable domestic developments spanning progress on the One Big Beautiful Bill, and Federal response to recent occurrences of civil unrest. Plus, thoughts on the outcome of this week’s round of US-China trade talks. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Jun 13

We close out another trading week by recapping US-China trade talks, the latest round of US inflation-data, along with other macro points of interest. Plus, thoughts on US equities at current levels, equity positioning, and a preview of what to expect in the week ahead. Featured is Matt Tormey, Equity Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Jun 13

The scale of Israel’s air strikes against Iran were not anticipated by financial markets (US President Trump having suggested a deal with Iran was close, just yesterday). As a result, the oil price has had the largest spike since Russia’s invasion of Ukraine. The economic disruption may well be contained—the starting point was quite a weak oil market, given expectations of a US growth slowdown.

Jun 12

On this week’s episode of Viewpoints, Burkhard outlines the factors behind the recovery of US equities, along with what could drive further momentum from here. We also cover why European markets may not have an “unfair advantage” when it comes a lower rate environment, when compared to the Fed holding steady for now. Plus, thoughts on the recent performance of South Korea’s KOSPI-Index.

Jun 12

Yesterday’s US consumer price inflation data showed, as expected, faint hints at the effects of trade taxes and clearer examples of weak demand. The declining number of people wishing to visit the US helped weaken air fares. Goods where inventory is held for longer (like autos) avoided tariff effects for now. Imported goods with shorter inventory times—like bananas—saw price surges. Large consumer appliances had the second largest price increase on record. Producer price data may show more tariff price effects, as these goods sit closer to the point of import in the supply chain.

Jun 11

On this week’s episode of Viewpoints, Burkhard outlines the factors behind the recovery of US equities, along with what could drive further momentum from here. We also cover why European markets may not have an “unfair advantage” when it comes a lower rate environment, when compared to the Fed holding steady for now. Plus, thoughts on the recent performance of South Korea’s KOSPI-Index.

Jun 10

A special edition fireside chat with Joe Tsai, Chairman of Alibaba, a global leader in e-commerce and artificial intelligence. Following introductory remarks from Mike Ebert, Head IB Americas at UBS, Ulrike Hoffmann-Burchardi, Global Head CIO Equity at UBS, moderates a conversation, delving into topics like the future of AI and the dynamics of the China Tech market.

Jun 10

US President Trump has declared trade talks with China “not easy”. There may be a difference between the administration’s perception of its bargaining position and reality. With the 90-day deadline to do deals approaching, no deals have yet been made—and the UK trade agreement has not come into effect. There are suggestions that Trump will retreat from export restrictions on chips in exchange for some so-called “rare” earths.

Jun 9

Jason rejoins in-studio to weigh in on a variety of factors that have (or have the potential to) move markets, including last week’s labor market data, and this week’s round of trade talks between the US and China. Plus, thoughts on the impact on the Trump-Musk split to the progression of Trump 2.0 economic policies, along with guidance when it comes to positioning for the current environment. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 9

Media coverage of events in Los Angeles has been intense. There are economic and financial market consequences, but domestic and international investors may react differently. Domestic investors’ views will be shaped by their chosen cable news channel, and potentially by fake news on social media. International investors’ perceptions of risk will be affected by their own experiences of protest, civil unrest, militarization, and secession.

Jun 8

Kurt rejoins the conversation in studio to reflect on the latest developments surrounding US trade policy, along with how markets have reacted - plus, thoughts on how trade negotiations (most notably with China) may evolve in the weeks and months ahead. We also discuss investor concern stemming from the US fiscal outlook, and the path forward for the US budgetary situation. Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 8

We check back in on the emerging markets by discussing the headwinds facing the US dollar, and what it all means for emerging market assets. Plus, a spotlight on investment considerations surrounding Argentina. Featured is Alejo Czerwonko, Chief Investment Officer for Emerging Markets Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jun 6

We close out the week by reflecting on the latest jobs numbers and what the results indicate about the health of the US labor market. We also review this past week’s notable data releases, including a look at the Fed’s Beige Book. Plus, a preview of what to expect in the week ahead. Featured is Danny Kessler, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Jun 6

The US May employment report is due, with the regular reminders that this data has become increasingly unreliable in recent years, and average earnings are not wages. This month’s data will correct errors that crept into last month’s data. Signs of weakness in restaurant and leisure travel sectors mean fewer lower paid workers may be employed, raising average earnings without affecting wages. But, the Federal Reserve’s “data dependency” means the labor market is seen as a trigger for policy action.

Jun 6

On this week’s episode of Viewpoints, Burkhard outlines the investment case for global markets to continue their climb higher and provides a performance update on some of CIO’s investment themes. We also cover considerations for investors when it comes to climate change-related investment risks, along with reflect on the potential impacts of Japan’s fiscal deficit to global markets.

Jun 5

A total of 52 out of 52 surveyed economists expect a quarter point ECB rate reduction today. How could so many economists possibly be wrong?

Jun 4

Rich rejoins the conversation with Jason to exchange thoughts around the evolution of US trade policy, the current market environment, the health of the US economy, and portfolio positioning recommendations. Featured are Jason Draho, Head of Asset Allocation Americas with the UBS Chief Investment Office, and Richard Bernstein, Founder, Chief Executive Officer and Chief Investment Officer of Richard Bernstein Advisors (RBA). Host: Daniel Cassidy

Jun 4

US President Trump’s mega-donor Musk was strongly critical of the “big, beautiful bill” currently before Congress. The bill contains many things markets are worried about. Musk’s opposition may embolden some Republican senators to oppose parts of the bill (Musk has more money than Trump, but their recent political forays have not been universally successful).

Jun 3

May was a good month for the markets, though there are many questions that investors are asking as we enter June, such as the fate of tariffs, the outcome of trade negotiations, the status of the One Big Beautiful Bill, and what impact the tariffs will have on the economy. Jason Draho, Head of Asset Allocation Americas, from the UBS Chief Investment Office, weighs in on those questions, along with shares guidance when it comes to positioning for the current environment. Host: Shiavon Chatman

Jun 3

Reports in Washington suggest US President Trump may talk directly with China’s President Xi later this week (after several days of more heated rhetoric between the US and China over trade). As Trump has been anxious for the call, and China has not, this may hint at more US retreats over trade taxes as a concession to bring China to the telephone.

Jun 2

US President Trump doubled taxes on US consumers of imported steel on Friday, and (so far) has not retreated from that tax increase. Trump reacted angrily when confronted with the Financial Times acronym “TACO”, and the implication that markets expect Trump to reverse policy rapidly. Investors may worry that Trump persists with these taxes, not because of some economic objective but instead as an emotional reaction to market perceptions of their negotiating stance.

May 30

We close out the trading week by reviewing the latest developments surrounding US trade policy, recapping notable macro data releases (including a look at the FOMC meeting minutes) - plus, a preview of the week ahead. Featured is Mike Gourd, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

May 30

There is yet more uncertainty in the US economy. US President Trump appealed the ruling that their trade taxes were illegal. While this is decided, the taxes stay. There are thus three layers of uncertainty. Will the taxes survive? If they are illegal, will US companies and consumers get refunds? And are trade taxes today actually being collected? There is also uncertainty around how US companies will react to this uncertainty, especially with pricing.

May 29

There has been no letup in the trade drama, with a US federal court striking down much of President Trump’s recent tariff hikes. That followed a sudden pivot in trade talks with the European Union - with the threat of a 50% tariff to an acceleration of negotiations all within the space of a few days. So what have we learnt about Trump’s strategy? What does this all mean for the EU and Switzerland? And where do we see the safest investment opportunities across the pond? Hear perspective from Dean Turner, CIO Eurozone and UK Economist. Co-hosts: Christopher Swann and Belinda Peeters.

May 29

A timely review of overnight trade developments, plus a look at positioning recommendations within EM equities, and thoughts on the dollar. We also touch on how investors can position using EM and international equities in the context of portfolio diversification. Featured is Xingchen Yu, Emerging Markets Strategist Americas. Host: Daniel Cassidy

May 29

The US trade court ruled that about half of US President Trump’s trade tax increases are illegal. Markets reacted positively, but the US has not been reset to its factory settings.

May 28

Equity markets seemingly rallied on optimistic comments from US President Trump around trade. So much focus on the words of one individual is unusual. Trump has the power to limit future economic damage from new trade taxes, but cannot undo the damage of past policy swings. For example, comments in yesterday’s sentiment data highlighted that companies are delaying decisions in the face of policy uncertainty, even as Trump retreated from some tariffs.

May 27

Until recently, gold’s rally seemed unstoppable. In an environment where perceived safe havens were scarce, gold stood out. However, in recent weeks, investor sentiment has shifted as geopolitical tensions eased. Does this mean gold’s rally has come to an end? Not necessarily, according to our commodities experts, Wayne Gordon, CIO APAC Head of Investment Advisory & Content, and Giovanni Staunovo, CIO Commodity Strategist. Co-hosts: Christopher Swann and Belinda Peeters.

May 27

The US long weekend was marked by aggressive policies and then a retreat, but that still leaves its mark on financial markets. The US dollar remains near its recent lows against major currencies. Investors are concerned that the retreats may not be comprehensive, and that economic behavior will still have to adjust to accommodate wild policy swings.

May 26

US President Trump has retreated from their threat to aggressively tax US consumers of European products, delaying the suggested 50% tariff to July. These retreats are so frequent that investors should rationally expect them. So why do markets still react to the initial announcements, as happened last Friday?

May 23

Administration comments suggest US President Trump is willing to increase taxes on US consumers of EU-made products, if the EU does not make unilateral concessions on tariffs. Markets are unlikely to place too much weight on these threats given the president’s tendency to rapidly retreat on such issues, but the situation does (again) increase policy uncertainty.

May 22

US President Trump labelled the budget proposal trying to pass Congress a “Big Beautiful Bill.” BBB might be an unfortunate alliteration given concerns about the US credit rating. The details of the budget are constantly changing, so their effects are hard to judge, but the broad impact is to push the US further along a rising debt path. Bond investors are less than happy.

May 21

On this week’s episode of Viewpoints, Burkhard reflects on the latest with respect to trade, tariffs, and the markets, along with previews what investors can expect in 2Q25, and considerations when it comes to positioning (after a market correction). Plus, thoughts on the current supply and demand relationship of oil.

May 21

On this week’s episode of Viewpoints, Burkhard reflects on the latest with respect to trade, tariffs, and the markets, along with previews what investors can expect in 2Q25, and considerations when it comes to positioning (after a market correction). Plus, thoughts on the current supply and demand relationship of oil.

May 21

US President Trump urged Congress to pass the “big, beautiful” budget. An International Monetary Fund (IMF) official urged the US to consider its unsustainable debt level, which this budget will likely make worse. The redistribution effects of the tariffs, spending cuts, and tax cuts does have long term implications. In the short term, the deficit’s size is likely the focus.

May 20

The team spotlights the factors behind the recent rally in munis, along with improving technicals, and the return of inflows. We also review the House Ways & Means committee tax plan, and spotlight developments surrounding sanctuary city funding. Featured are Sudip Mukherjee, Fixed Income Strategist Americas, Jeannine Lennon, Municipal Strategist Americas, & Ted Galgano, Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

May 20

Mark Axelowitz, Managing Director and UBS Private Wealth Advisor, and Solita Marcelli, Chief Investment Officer Americas, hosted a special fireside chat on the outlook for the world, economy, and value investing with Bill Ackman, Founder and CEO of Pershing Square Capital Management, and Ryan Israel, Chief Investment Officer at Pershing Square Capital Management

May 20

The key message from yesterday’s pontification of Federal Reserve speakers was “uncertainty”. Uncertainty about policy, uncertainty about how companies and consumers would react to that uncertainty, uncertainty about second-round effects from tariffs, and so on. The result is a wait-and-see approach from the Fed. The risk is that a reactive policy may come too late to correct any economic damage from all the uncertainty.

May 19

Jason rejoins in-studio to weigh in on the recent rally in US equities, the rise in rates over the past month, along with recent developments surrounding US trade policy (notably relations with China), and what it all means for the market outlook? Plus, thoughts on the significance of Moody’s US credit rating downgrade, and guidance around portfolio positioning. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

May 19

A credit rating agency (it does not matter which) downgraded the US from something to something else. US President Trump’s current policies are unlikely to place the US on a sustainable debt path. Influential donor Musk’s DOGE efforts are unlikely to reduce the deficit. Market reactions should be muted—there is little new information. Administration officials attempted to frame the decision in a political context, but some comments also suggested a limited understanding of the ratings process.

May 16

Tune in monthly to hear from UBS Asset Management’s multi-asset team for thoughts on the global macro environment, and markets. Featured are Evan Brown, Portfolio Manager, and Head of Multi-Asset Strategy, & Fatou Konteh, Investment Strategist, UBS Asset Management. Recorded on 05.06.2025

May 16

On this week’s episode of Viewpoints, Burkhard shares his thoughts on a recent flurry of global deal-diplomacy and market recovery. We also reflect on US-China trade progress (and its’ market impact), and weigh whether investors should still be concerned about the prospects for recession in the US.

May 16

On this week’s episode of Viewpoints, Burkhard reflects on the latest with respect to trade, tariffs, and the markets, along with previews what investors can expect in 2Q25, and considerations when it comes to positioning (after a market correction). Plus, thoughts on the current supply and demand relationship of oil.

May 15

The UBS AI Podcast explores the fascinating and evolving world of artificial intelligence, how it's transforming industries, redefining what's possible and reshaping the future. On this episode of the CEO Series, Ulrike Hoffmann-Burchardi, CIO for Global Equities within the UBS Chief Investment Office, converses with Lin Qiao, the CEO and Co-Founder of Fireworks.

May 15

Justin and Ainsley drop by the studio to explain the importance of funding a liquidity strategy, along with outline considerations when it comes to refilling and implementing a liquidity strategy and determining how much to ultimately set aside. Featured are Justin Waring, Senior Total Wealth Strategist, and Ainsley Carbone, Retirement Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

May 14

Jonathan Pingle, Chief US Economist with UBS Investment Bank, joins the podcast to share his thoughts on the state of the US economy. We also touch on the evolution and impacts of US trade policy, along with the potential road ahead for monetary policy. Host: Daniel Cassidy - Recorded on 05.06.2025

May 14

US consumer price inflation did not show many trade tax consequences. The slowing of tourism-related prices might reflect how visitors are wary of entering the US, but complications in timing Easter’s effect are also relevant. Appliance price inflation is a concern (the fastest monthly increase since early 2022 may reflect firms anticipating trade taxes).

May 13

Investors are inclined to view US President Trump’s early retreat from trade taxes on imports from China as significant, not just for themselves but as a signal of a willingness to capitulate to other countries. Markets are not inclined to take Trump’s threats of future possible tax increases seriously.

May 12

Shane drops by on a Monday to preview a busy week ahead, accounting for President Trump’s highly anticipated Middle East visit. We also spend time recapping the outcome of this past weekend’s trade negotiations in Switzerland between the US and China, along with other notable progress made recently on the trade front. Plus, and update as to where progress on Capitol Hill stands with respect to tax legislation. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

May 12

Our conversation outlines the current landscape for fixed income investors and where to locate opportunity within the asset class. We also discuss the road ahead for monetary policy, the economy and the broader markets, against the backdrop of US trade policy uncertainty. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office, and Jeffrey Sherman, Deputy Chief Investment Officer, DoubleLine Capital. Host: Daniel Cassidy

May 12

Sino-US talks over the weekend were described by US Treasury Secretary Bessent as making “substantial progress” on trade. Presumably so important a comment was cleared by US President Trump. The only real issue investors care about is how far the US will retreat on trade taxes. Current tariffs effectively halt bilateral trade. An 80% tariff (suggested by Trump) would also effectively halt bilateral trade. A tax of 20% would damage the US economy, but allow trade to continue.

May 9

Zhang Zhang is the Head of AI and Risk Analytics at Polen Capital. Listen to a wide-ranging conversation about the evolution of AI, where AI is being under and over-hyped, words of caution to be mindful of, along with common current and anticipated future use cases of this rapidly evolving technology. Host: Daniel Cassidy

May 9

Yesterday’s Anglo-US trade framework was preceded by substantial media spin but ultimately revealed only minimal substance. US consumers are worse off than in January, though better off than a week ago. Some UK exporters get better conditions, some US exporters might get better conditions. Yesterday’s Bank of England’s rate cut was a more important economic event.

May 8

The first 100 days marker of President Trump’s second term has been reached - Kurt Reiman, Head of Fixed Income Americas (UBS CIO), reflects on the administration’s policy priorities and impacts they have had to the US economy, markets, and investment return. We then shift focus to the next 100 days, including a look the notable legislative ambitions being pursued by the White House and Congress. Host: Daniel Cassidy

May 8

Having just returned from an enlightening and productive trip to Riyadh, Saudi Arabia, Burkhard shares his reflections on the Saudi economy’s progression in recent years, and spotlights future growth potential. Plus, thoughts on the investment landscape and a preview of a big week ahead for Saudi Arabia with high profile visits spanning heads of state to global business leaders.

May 8

Federal Reserve Chair Powell pointed out that uncertainty had risen, and that inflation and unemployment might rise. These are all eloquent statements of the obvious. leaving the Fed reacting to data. Central banks that react rather than pre-empt data tend to be late in changing policy. Economic data is also increasingly less reliable, making data dependency more dangerous.

May 7

Paul stops by the studio for a Q2 update on the CEO Macro Briefing Book series - we discuss how uncertainty surrounding the macro environment and course for US trade policy has some investors openly questioning the sustainability of US exceptionalism. Featured is Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

May 7

India conducted military strikes against Pakistan, and Pakistan’s defense minister has pledged retaliation. Investors appear to be expecting a relatively contained situation. It is unlikely that global risk appetite will be affected by these events.

May 6

As US trade policy continues to evolve and uncertainty remains in the markets, Xingchen drops by the podcast to provide a performance update and outlook for Emerging Market equities. We also discuss the importance of portfolio diversification, and how conditions in 2025 have thus far reflected the importance of diversification. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

May 6

On this week’s episode of Viewpoints, Burkhard outlines the investment case for global markets to continue their climb higher and provides a performance update on some of CIO’s investment themes. We also cover considerations for investors when it comes to climate change-related investment risks, along with reflect on the potential impacts of Japan’s fiscal deficit to global markets.

May 6

The manufacturer of Barbie dolls has warned that higher prices are coming to US consumers, as a direct consequence of tariffs. Moving production to the US does not seem to be an option. Rationing dolls to two per child while raising prices has limited consequences, but US President Trump has signaled medicines will be next. Rationing medicines with higher prices may have more significant consequences (raising health insurance prices, for instance).

May 5

Jason joins the podcast this week from Zurich as we discuss the drivers behind the recent upside momentum across US equities. Plus, we weigh the upside case for US growth staying even in the face of higher tariffs, reflect on Q1 corporate earnings, and outline the latest allocation recommendations from CIO. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

May 5

Investors await the Federal Reserve’s Wednesday policy decision. There is little expectation of a rate change. Preliminary April employment data showed reasonable strength although some areas of job growth (e.g. trucking) are clearly vulnerable as import volumes slow.

May 2

Shane reflects on the first 100 days of the Trump administration, along with updates on where efforts and negotiations stand on Capitol Hill surrounding a substantial reconciliation bill. Plus, a look at current US-Ukraine relations and where efforts stand with Russia peace talks. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Governmental Affairs US. Host: Daniel Cassidy

May 2

We close out a busy macro week with thoughts from Brian on the latest US employment and GDP data. Plus, a look at what to expect in the week ahead. Featured is Brian Rose, Senior Economist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

May 2

The US “Temu tax” takes effect at midnight, whereby US consumers pay their government for the privilege of buying low cost products directly from China. The tax is unlikely to show up in consumer price data (it is doubtful that Temu prices are used in the calculation), but it is a visible price increase to many US consumers—a reminder that they, not exporters, pay trade tariffs.

May 1

Having just attended the IMF-World Bank meetings in Washington DC, Alejo rejoins the conversation for some boots-on-the ground takeaways around the impacts of US trade policy to global economies. Plus, a review of focus points when it comes to broader emerging markets, China, and Latin America. Featured is Alejo Czerwonko, CIO for Emerging Markets Americas, UBS Chief Investment Officer. Host: Daniel Cassidy

May 1

The only certainty economists have about yesterday’s first-quarter GDP data is that it is wrong. Declining survey response rates and economies that structurally change more rapidly than statisticians can measure have conspired to make GDP everywhere subject to more frequent and larger revisions. Nonetheless, broad trends show an economy being rapidly shaped by US President Trump’s policy.

Apr 30

As the Trump administration marks 100 days in office, Burkhard reflects on how global markets have performed during this span. Plus, we dive into the US-China tariff conflict and discuss how this trading relationship may evolve from here, along with what investors should be mindful of when it comes to China’s economic model.

Apr 30

Online retailer Amazon denied reports it would publish the tariff impact on the price of each item sold on its US website. The general lack of tariff transparency risks higher US inflation by enabling retailers to indulge in profit-led inflation—blaming tariffs for price increases that actually raise profit margin. Lack of transparency also risks consumers blaming tariffs for every price increase, reducing confidence and threatening growth.

Apr 29

Justin and Ainsely outline the considerations for adding annuity income as part of one’s retirement strategy, along with explain the current appeal of annuities, and steps investors can take in order to make a plan. Featured is Justin Waring, Senior Total Wealth Strategist, & Ainsley Carbone, Retirement Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 29

US President Trump is to mark their 100th day in office with a partial retreat on auto-part trade taxes, and a speech. The speech risks further erratic policy pronouncements—Trump declared very negative approval ratings to be “fake news”, but may want to blame external forces for their poll performance. That might lead to policy pronouncements on immigration, trade, or some other economically significant issue. Uncertainty about such policy shifts has economic consequences.

Apr 28

Coming off of one of the best weeks for US equities in 2025, Jason considers whether investors are getting ahead of themselves as macro uncertainty remains. Jason also weighs in on the debate over whether US exceptionalism can continue. Plus, a review of CIO’s latest market outlook and investor recommendations per the May UBS House View. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 28

Last Friday’s US data showed a notable improvement in late April consumer sentiment, but only for registered Republicans. Consumers today are buying goods imported before the oppressive burden of trade taxes (on average, it will take about three months for pre-tax inventory to be used). This means economic reality has not penetrated the partisan media bubble around consumers. Businesses are faster to react, with uncertainty fueling a collapse in US port activity as companies “wait and see”.

Apr 27

Hear views on the US equity markets from Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios, and Head of the Private Client US Equity Team, and Dominic Schagar, Senior Equity Investment Specialist.

Apr 26

Hear from top portfolio managers and business heads from UBS Asset Management’s Muni, Taxable Fixed Income, and Liquidity teams. They share views on the markets and what they believe you should be focused on within the fixed income space. Recorded on 04.17.25

Apr 25

China said it was not negotiating with the US over trade. US President Trump avowed that the US was talking with someone (who they are talking to is a secret, apparently). Things like this might possibly be contributing to the economically damaging levels of uncertainty. The US and South Korea have agreed a framework for trade talks (North Korea escaped US tariffs). South Korea and the US had a free trade deal with no tariffs at all until a few weeks ago.

Apr 24

The Federal Reserve’s Beige Book has biases. The businesses that provide anecdotal evidence will have an agenda, and the Fed economists who edit the anecdotes into coherence understand the economics of trade. Nonetheless, the latest edition used “uncertainty” 80 times—more than twice the references during the pandemic or the global financial crisis. Erratic policies are having an economic impact, and that seems to have penetrated partisan media bubbles.

Apr 23

How much longer will uncertainty last, and where might it all settle? Burkhard weighs in as investors continue to navigate everything from policy pivots to Fed independence to inflation, and much more. Plus, thoughts on how investors should react to a market recovery (or a deeper downturn). We also check in on the status of the global rotation trade, and gold.

Apr 23

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, Sangeeta Marfatia, Senior Closed-end Fund Strategist Americas, along with Senior Fixed Income Strategists’ Barry McAlinden and Frank Sileo, from the UBS Chief Investment Office.

Apr 23

With investor concerns growing, US President Trump demonstrated the art of the retreat. They stated they had “no intention” of firing Federal Reserve Chair Powell. Trump may not be able to (legally), but markets will still have lingering concerns about Fed independence. Trump also said they would be “very nice” in any trade negotiations with China, raising hopes that the tax burden on US consumer may lessen.

Apr 22

Despite near-term headwinds and elevated volatility, the market dislocation brings opportunities for muni investors. Sudip and Jeannine provide a muni market performance update and share portfolio considerations for muni investors. Featured are Sudip Mukherjee, Fixed Income Strategist Americas, & Jeannine Lennon, Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 22

US President Trump again called for lower US interest rates. Markets interpreted this as undermining Federal Reserve independence, and markets do not like that (US assets weakened). The coming US economic slowdown is driven more by rising risk than high rates. Borrowing to fund investment and consumption balances the cost of capital with uncertainty about the future. Rising uncertainty is the US problem.

Apr 21

Following a relatively calm holiday shortened trading week with little to no developments on the tariff front, Jason updates on where tariff negotiations stand, and what to look out for in the near-term. We also recap last week’s macro developments, spanning retail sales to Q1 corporate earnings, along with takeaways from Fed Chairman Powell’s remarks at the Economic Club of Chicago (and the White House response). Plus, guidance on how to position your portfolio for the current environment. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 21

US National Economic Council Director Hassett said US President Trump was investigating whether they could fire Federal Reserve Chair Powell. Investors seem less than happy with the idea of a politicized Fed—the US dollar and long-dated government bonds have weakened. There are checks on the president’s authority. Fed governors need to be confirmed by the Senate. The FOMC chair does not have to be the Fed chair. However, some of these checks depend on rule of law.

Apr 17

In the short period following early April’s “Liberation Day” announcement of tariffs by the White House, questions remain amongst global investors as to whether the world is headed towards a protracted trade war, and a new regime of significantly higher tariffs. What might this all mean for Europe? Which sectors are most at risk? How can investors position portfolios accordingly? Paul Donovan, Chief Economist for UBS GWM, weighs in on these questions, along with co-hosts Christopher Swann and Belinda Peeters.

Apr 17

Federal Reserve Chair Powell noted US President Trump’s trade taxes would raise inflation and lower economic growth. Markets have already worked this out, but Powell saying it has policy implications. On the evidence of (unreliable) sentiment surveys, over a third of US consumers think inflation will exceed 10% this year. Powell emphasized longer-term inflation expectations, which should still allow for rate cuts. The self-inflicted nature of the economic slowdown may limit the number of cuts.

Apr 16

Hear a discussion on the stability of the US financial system, featuring Steven Kelly, Associate Director of Research at Yale School of Management, Leslie Falconio, Head of Taxable Fixed Income, CIO Americas

Apr 16

The UBS AI Podcast explores the fascinating and evolving world of artificial intelligence, how it's transforming industries, redefining what's possible and reshaping the future. On this first episode of the CEO Series, Ulrike Hoffmann-Burchardi, CIO for Global Equities with the UBS Chief Investment Office, converses with Arvind Jain, the CEO and Co-Founder of Glean. Ulrike and Arvind dive into the vision behind Glean, and discuss the future of AI and workplace productivity.

Apr 16

China halted the import of Boeing planes; US President Trump asked China to call him, and then imposed permanent restrictions on NVIDIA chip sales to China; EU leaks suggest negotiators do not believe the US knows what it wants from trade talks. Economic nationalism remains alive and well and includes capital flows. US TICS capital flows data is due today (but misses large amounts of foreign activity in US capital markets).

Apr 15

Our conversation outlines the current landscape for fixed income investors and where to locate opportunity within the asset class. We also discuss the road ahead for monetary policy, the economy and the broader markets, against the backdrop of US trade policy uncertainty. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office, and Ed Al-Hussainy, Global Interest Rate Strategist, Columbia Threadneedle Investments. Host: Daniel Cassidy

Apr 15

US President Trump appears “very happy” with the economic consequences of trade taxes to date, and is therefore proposing to add to US consumers’ tax burden with levies on computer chips and pharmaceuticals. The tax on chips will probably reverse some of the effects of the retreat from taxing smartphones.

Apr 14

As investor uncertainty persists over the direction of US trade policy, Jason applies some definition to “Trumponomics”, along with explains the equity and bond market response to recent tariff developments. Plus, a preview of busy week ahead which includes numerous Q1 corporate earnings results, retail sales data - and of course - likely further news on tariffs. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 14

US President Trump retreated from more trade taxes on Friday, exempting iPhones and some other electronics from much of the 145% tax on imports from China. This would have been a very visible tax increase. While consumers tend to be sensitive to the price of high frequency purchases like food and fuel, a roughly 60% increase in an iPhone’s consumer price from trade taxes would be noticed.

Apr 11

US President Trump’s administration clarified the 125% tax on imports from China was 145%. This increase will not shift demand patterns (it will cost US consumers more money). For investors, this raises policy competence questions again. A well-planned trade tax would consider costs. Tax rates set seemingly at random question whether costs are properly considered.

Apr 10

It’s natural to feel anxious during market drawdowns, which is why having a plan to weather market storms (and take advantage of market volatility) can be helpful. Justin outlines some reasons to be confident and calm during market drawdowns, and how to plan accordingly. Featured is Justin Waring, Senior Total Wealth Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 10

As US trade policy continues to evolve quickly, Shane drops by to update us on the latest, and what the near-term may consist of with respect to negotiations. We also discuss progress around the budget resolution up on Capitol Hill, and recap Israeli Prime Minister Netanyahu’s White House visit earlier this week. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Apr 10

On this week’s episode of Viewpoints, Burkhard weighs in on the recent tariff-related volatility in the markets and shares guidance on how investors should consider responding, along with whether the US is heading towards a recession, stagflation, or something else. Plus, thoughts on how the Fed might respond to the market volatility, and a high-speed look around global equity markets.

Apr 10

US President Trump’s retreat from trade taxes took less than 24 hours. However, taxes on imports from China increased, and the universal 10% import tax stays in place. None of these taxes existed a week ago, and US consumers will have to use income to pay them. Higher taxes on specific products remain, and more are promised.

Apr 9

We examine how regions, such as emerging Asia and Latin America, are feeling the impacts US tariff policy. Plus, thoughts on how EM investors should consider adjusting their portfolios, and what to be on the lookout for in the months ahead. Featured is Alejo Czerwonko, CIO for Emerging Markets Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 9

US President Trump implemented an extraordinary tax increase on US consumers overnight. If the 104% tax increase on goods from China is not reversed, it is likely to push the US into recession more rapidly. China’s economy is negatively impacted—but the larger each round of tariffs, the less their marginal impact on foreign growth. USD 55 million of tea imported from China is subject to the 104% tax (in 1773 the UK cut tea taxes).

Apr 8

A roundtable discussion around the kind of that role can private assets play in a longer-term investment plan, including a performance update and outlook for private equity, private credit, real estate, and hedge funds. Featured are Jennifer Liu, Private Markets Strategist Americas, Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, Jon Woloshin, Real Estate & Lodging Analyst Americas, and Sean Sanborn, Hedge Fund Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 8

Financial markets swung wildly yesterday on apparently false reports of a 90-day halt to US trade taxes (except for China). The volatility highlights two problems. Erratic policymaking means stories of dramatic shifts in policy are credible. The move toward Schlesinger’s “imperial presidency” model means policy shifts depend on the whims of one person. These make fake news plausible, creating market volatility.

Apr 7

As market volatility persists following a historical week for the global economy and financial markets, Jason shares his thoughts on last week’s tariff announcement, the potential paths forward, and how to navigate your portfolio through the uncertainty. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 7

Following last week’s tariff announcements from the White House, we discuss the overall impact of these developments to economies across Asia, along with the impact to Asian markets. Plus, a look at how Asian economies are preparing to weather the tariff shocks, along with positioning recommendations across the region. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 7

Asian equity markets crashed, with Hong Kong markets down over 10%. Over the weekend, US administration officials gave contradictory statements on trade taxes, causing investors to question the existence of a masterplan. Attempts to justify attacks on the Heard Island penguins only emphasized the peculiarity of the tariff formula. US President Trump took time from their golf weekend to twice post that equity declines were “on purpose”.

Apr 4

As we close out a volatile week in the markets, Brian shares his thoughts on the March employment report, and the overall health of the US labor market. Brian also assesses the potential economic impacts overtime of this week’s tariff announcements. Plus, a recap of notable data-point releases over the past few days, and a preview of the week ahead. Featured is Brian Rose, Senior Economist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Apr 4

Financial markets expected a significant tax increase from US President Trump. Yesterday’s reaction shows the tax increase was worse than anticipated. US dollar weakness is telling. We often hear that when the US sneezes the global economy catches cold. This is not the US sneezing. This is the US cutting off its own arm. The self-inflicted economic cost naturally weakens the dollar. Federal Reserve Chair Powell speaks today on the economic outlook.

Apr 3

In the wake of the latest tariff news out of the White House, Shane reflects on the impacts to US trading relationships around the globe, along with how trading partners are responding. Plus, an analysis of this week’s special elections in Florida and Wisconsin, and what the outcomes suggest about voter sentiment. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Apr 3

An inventory of Wednesday’s tariff announcement by the Trump administration, along with an assessment of potential economic impacts, and reflections on the global market response. Plus, thoughts on how to manage portfolios during times of volatility and uncertainty. Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Apr 3

US President Trump unveiled a massive tax increase for US companies and consumers. Tariffs were set at (0.5 x bilateral trade deficit / US imports). This is a predictable formula, completely unrelated to trade openness. The uninhabited Heard and Macdonald Islands get a 10% tariffs (will the penguins retaliate?). This may cause investors to question the competence of the administration’s trade policy.

Apr 2

Economists know what they don’t know. US President Trump is expected to announce the largest peacetime tax increase in US history. The erratic nature of trade policy, uncertainty about whether legal procedures will be followed, limited clarity about end-objectives, the possibility that Trump will again retreat from some taxes, and the unpredictability of patronage-style deals to gain exemptions create uncertainty about the direct effect of the taxes. The second-round effects depend on unpredictable reactions by US companies, a far more complex global trade system than existed 20 years ago, and US consumers whose reaction to inflation has shifted.

Apr 1

A social media post from a semi-official China account suggested that China, Japan, and South Korea would present a united front against US trade taxes. Korean officials suggested this might be exaggerated, but the fact that this is remotely plausible reflects the reconfiguration of how the world works (or does not work). China and Japan are the two largest central bank holders of US dollar assets.

Mar 31

Jason previews what will be a busy few days ahead for the markets, including an impending announcement of reciprocal tariffs by the Trump administration, along with key economic data such as the March employment report. This all against a backdrop of persistent investor concern over slowing growth and recession risk. Jason shares CIO’s latest market outlook, along with positioning recommendations as outlined within the April UBS House View. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 31

Overnight US President Trump’s influential donor Musk reiterated a desire to “end the Fed.” Abolishing the Federal Reserve is part of the reported Project 2025 blueprint. This sort of talk, immediately ahead of significant trade taxes, is potentially disruptive. A central bank is probably necessary for reserve currency status.

Mar 29

Hear from Henry McVey, Head of Global Macro, Balance Sheet & Risk and CIO of KKR’s Balance Sheet, and Solita Marcelli, CIO Americas for UBS Global Wealth Management, as they discuss and share their outlooks for the rest of 2025 and beyond, including key opportunities and risks.

Mar 28

Shane recaps this week’s developments surrounding auto tariffs and previews potential additional tariff-related announcements set for next week. We also discuss the aftermath of this week’s Signal leak, and provide updates on the Russia-Ukraine war, and the Israel-Hamas war. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Mar 28

In 1971, US President Nixon imposed a trade tax on imports into the US, and froze US wages and prices. This was not a success. Faced with rising costs and no ability to adjust pricing, businesses stopped supplying goods. Controls collapsed, and inflation soared. Overnight media reports suggest US President Trump has told US auto companies not to raise prices in the wake of aggressive taxes on imported autos and parts.

Mar 27

President Trump is gearing up to impose a new slew of tariffs on trade partners on April 2, a day he has dubbed “Liberation Day” to signify that America will free itself from unfair trade practices. This day certainly looms large for European nations. The American President has been scathing about European Union’s trade policies. So how hard could Europe be hit? How might the region respond? And how can investors protect themselves? Dean Turner, the CIO’s chief European economists, explores these issues with co-hosts Christopher Swann and Belinda Peeters.

Mar 27

US President Trump announced an aggressive tax increase for US consumers, with a 25% tariff on imported cars. Officials later clarified it also covers car parts. The tax will raise US inflation and lower growth, but the full impact will take time.

Mar 26

Joe and Jason exchange views and thoughts on a wide range of topics, including the health of the US economy, the implications of US trade policy, the road ahead for monetary policy, and more. Plus, a review of investment recommendations for the current environment. Featured are Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office, and Joe Davis, Global Chief Economist, and Global Head of the Investment Strategy Group at Vanguard. Host: Daniel Cassidy

Mar 26

UK February consumer price data was slightly below expectations—before the weirdness of the UK government’s capped energy pricing adds to inflation in April. Producer price data was not published, owing to quality issues. Labor market data is not being published, owing to quality issues. There will be revisions to wage data, owing to quality issues.

Mar 25

Brian Levitt serves as a Global Market Strategist at Invesco. Brian shares his take on a wide range of topics that have recently influenced investor sentiment and moved markets, including US trade policy, growth concerns, and the progression of artificial intelligence. We also outline a market outlook and discuss asset allocation considerations. Host: Daniel Cassidy Recorded on 03.20.25.

Mar 25

Reports that the US vice president and cabinet members discussed war plans on a public chat channel with a journalist in attendance do not directly impact markets. However, the chat messages reveal administration officials’ attitudes (e.g. toward Europe), and raise general questions about the conduct of policy. Any lessening of international security cooperation may impact broader (economic) policy cooperation.

Mar 24

As markets showed signs of stabilizing last week, investors weigh whether the correction is behind us or has temporarily paused. Jason shares his thoughts, along with recaps the FOMC meeting, the latest economic data, along with previews next week’s anticipated tariff news from the White House. Plus, a review of positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 24

Media reports suggest that the rather haphazard attempts to restructure the US government could cost half a trillion dollars in lost tax revenues this year. Investors have not priced the restructuring as an efficiency improvement (more efficient government would boost both bonds and equities). While record wealth levels in the US suggest that the high fiscal deficit can be funded, losing tax revenue on this scale will raise concerns about sustainability at some point.

Mar 23

Tune in monthly to hear from UBS Asset Management’s multi-asset team for thoughts on the global macro environment, and markets.

Mar 23

Hear views on the US equity markets from Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios, and Head of the Private Client US Equity Team, and Dominic Schagar, Senior Equity Investment Specialist.

Mar 21

South Korean export data for early March recovered from lunar new year distortions. Export strength was led by ships and chips—more-consumer-oriented sectors were not so robust. The data is a positive signal for Korea, but does not perhaps say much about global demand as trade taxes increase.

Mar 20

On this week’s episode of Viewpoints, Burkhard reflects on this week’s flurry of central bank activity, and what it means for the “big rotation” in global markets that we’ve been discussing in recent weeks. This includes thoughts on Wednesday’s press conference from Fed Chair Jerome Powell where he used the word “uncertainty” 16 times. We also spend time outlining the investment case for India by answering the question “why now?”.

Mar 20

We check-in on recent performance of the municipal bond market against a backdrop of policy uncertainty and broader market volatility, including a look at a performance outlook, along with recommendations when it comes to positioning. Plus, a deep dive into the implications of D.C. policy to segments of the municipal market. Featured are Sudip Mukherjee, Senior Fixed Income Strategist Americas, and Jeannine Lennon, Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 20

The Federal Reserve left rates unchanged, as expected. Forecasts cut economic growth projections for the next three years, to a rate well below that of the each of the last four years. Inflation forecasts were pushed up. The media will rush to declare “stagflation”—but this is hardly the 1970s. Tariffs will raise inflation and then lower growth, so the pattern is not unexpected, and of course there is considerable uncertainty given erratic government policy.

Mar 19

As volatility persists across global markets, investors have become increasingly concerned about the risk of an economic recession. While it’s tempting to make changes to ones’ investment strategy during such periods of high uncertainty, Justin and Ainsely outline strategies to consider in light of the recent market selloff. Featured are Justin Waring, Senior Total Wealth Strategist, & Ainsley Carbone, Retirement Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 19

Hear from top portfolio managers and business heads from UBS Asset Management’s Muni, Taxable Fixed Income, and Liquidity teams. They share views on the markets and what they believe you should be focused on within the fixed income space. Recorded on 03.12.25

Mar 19

Yesterday, US President Trump sought to fire the two Democrat commissioners on the Federal Trade Commission. If successful, this might become a precedent that could challenge the political independence of the Federal Reserve.

Mar 18

Our conversation focuses on the landscape for residential mortgage-backed securities (RMBS), including thoughts around investment considerations. 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

Mar 18

Dan Suzuki serves as the Deputy Chief Investment Officer of Richard Bernstein Advisors (RBA). Dan shares his take on a wide range of topics that have recently influenced investor sentiment and moved markets, including US trade policy, growth concerns, and the progression of artificial intelligence. We also outline a market outlook and discuss asset allocation considerations. Host: Daniel Cassidy Recorded on 03.13.25.

Mar 18

The OECD revised down estimates of US growth for this year and next. The OECD does not have any special insight (other than the extraordinary insight of all economists), and market forecasts for growth tend to adjust faster than those of the OECD. The announcement is a reminder of the shift in the narrative about US growth, in the face of erratic policy and rising US consumer taxes.

Mar 17

As investors continue to weigh whether to buy the dips or sell the rallies, Jason suggests how assessing President Trump’s decision tree for implementing tariffs may deliver clarity. We also preview this week’s FOMC meeting, reflect on the latest retail sales data, and acknowledge the YTD outperformance of international markets. Plus, thoughts on portfolio positioning. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 17

China’s long-awaited plan to boost domestic consumption is here (as yet without much detail). Unlike the 2024 stimulus, these proposals seem to directly address consumers’ fear of the future. However, the international spillover may be limited. Economic nationalism means that China’s consumers have been less inclined to buy foreign goods.

Mar 14

We close out a turbulent week in the markets by recapping the factors that drove the selloff, along with share an outlook for US equities and review positioning recommendations. Plus, thoughts on the latest round of inflation data, and a preview of the week ahead. Featured is Matt Tormey, Equity Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Mar 14

The recurring risk of a US government shutdown has receded, with some Democrat senators looking to advance legislation. Against the backdrop of damage to “animal spirits” from erratic government policy and taxes, the potential for economic damage from a shutdown would be larger and longer lasting.

Mar 13

With the government funding deadline just hours away, Shane outlines what the proposed continuing resolution consists of, and updates on where negotiations stand. Plus, an inventory of US imposed tariffs, along with retaliatory measures by trading partners. We also check in on progress of a Russia-Ukraine ceasefire agreement and speak to the likelihood of a CHIPS Act reversal. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Governmental Affairs US. Host: Daniel Cassidy

Mar 13

March is Women’s History Month - Carey Shuffman and Amantia Muhedini join the podcast to spotlight the Gender-lens investment: The state of women in 2025 report, which identifies opportunities for investors across sectors for, in and by women. We also highlight how women can be empowered at every stage of their financial journey through the UBS ‘Own your worth’ initiative. Featured are Carey Shuffman, Head of Women's Wealth, and Amantia Muhedini, Sustainable and Impact Investing Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 13

ECB President Lagarde almost sounded like an economist yesterday, noting inflation pressures could go up or they could go down. While highlighting the increased economic uncertainty of 2025, Lagarde confirmed market expectations that the direction of ECB rates is down. There are seven ECB speakers jostling for media attention today.

Mar 12

On this week’s episode of Viewpoints, Burkhard reflects on the absence of an anticipated “Trump-put” amidst a rotation occurring across global equities. Burkhard also considers whether this current downturn is more of a short-term “panic-attack”, or the start of a new Bear Market. Plus, thoughts on how investors should position, and where to focus.

Mar 12

We examine how China has been responding to challenges on the trade-front, along with highlight how ex-US markets (including China) have been performing as of late. Plus, some takeaways from the National People’s Congress meeting, and a broader review of preferences across emerging market equities. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 12

US President Trump imposed and retreated from aggressive taxes on US users of Canadian steel and aluminum, and Canada retreated from a surcharge on exports of electricity to the US. Canadian steel and aluminum are caught by yesterday’s global 25% tax on US consumers. The EU responded with taxes on its consumers (buyers of bourbon are badly hit), but the EU consumers have substitutes as taxes are only against US products.

Mar 11

Join CIO for a discussion on tariff uncertainty, inflation, and the implications of the artificial intelligence rally, hosted by Anthony Pastore and featuring Jason Draho, Head of Asset Allocation CIO Americas and Nadia Lovell, Senior Equity Strategist CIO Americas.

Mar 11

As potential risks around macro-and tariff-related uncertainties emerge in 2025, how should investors position in tech and take advantage of increasing near-term volatility? Plus, as German election results shape market sentiment, what's the outlook for European stocks and what tools can investors leverage?

Mar 11

Equity markets are not just about economics (equity analysts do not always listen to economists). However, shifting perceptions of economic risk seem to be behind recent US equity market moves. 2025 started with solid economic foundations in the US and other developed economies.

Mar 10

As US growth concerns persist, Jason explores how at risk the economy is of slowing (and the possibility of sliding into a recession). We also cover the latest on tariffs aimed by the US at Canada and Mexico, along with touch on policy and market developments in Germany. Plus, a look at CIO’s latest market outlook and portfolio positioning guidance. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 10

China’s consumer prices moved into deflation in February. Some of this is due to the timing of the lunar new year, and some of it is the impact of warmer weather on food prices (food has a higher weighting in China’s inflation calculation than in developed economies). However, markets are concerned that the low inflation environment does not suggest robust domestic demand.

Mar 7

We close out the trading week by assessing the latest round of jobs data, and what the numbers indicate about the health of the US labor market. Plus, take an inventory of tariff announcements, preview next week’s inflation readings, and reflect on recent equity market volatility. Featured is Brian Rose, Senior Economist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Mar 7

Having imposed aggressive taxes on US consumers at the start of the week, US President Trump partially retreated from taxing Mexican and Canadian imports yesterday (assuming goods are compliant with the revised NAFTA). The taxes are delayed until 2 April, but markets will likely price in more retreats.

Mar 6

On this week’s episode of Viewpoints, Burkhard reflects on the big rotation unfolding across global markets, with the recent outperformance of global equities, and underperformance of US equities. Burkhard explains why the “go global” thesis remains intact, along with shares his take on intertest-rates, inflation and gold.

Mar 6

Germany’s chancellor-in-waiting, Friedrich Merz, has promised “independence” from the US, having become convinced that the Trump administration is “largely indifferent to the fate of Europe”. As a result, he hopes for significant spending on defense and infrastructure. Against that backdrop, and after years of lackluster growth, Germany’s DAX index has been among the best performing markets. Can the spending plans add to the nation’s renewed momentum? Featured in this episode is Paul Donovan, Chief Economist for UBS GWM, alongside host Christopher Swann.

Mar 6

US President Trump sounded a partial retreat from the latest trade taxes, granting US car companies a one-month exemption for car parts traded under the revised NAFTA. This rather highlights the fact that US consumers and companies, not foreigners, pay trade taxes. One month does not allow for much response—some stockpiling, presumably a lot of lobbying. Market reactions seem to signal a belief that trade tax retreats are possible, but the limited response suggests concern about the lack of policy coherence.

Mar 5

To help you navigate an evolving landscape, Global Chief Investment Officer Mark Haefele and colleagues will delve into the latest developments in US trade, domestic, and foreign policy, examining their potential impacts on investors and offering strategies for positioning in the months ahead.

Mar 5

US President Trump’s address to Congress echoed speeches at campaign rallies. Markets have limited interest in much of the content. Trump did suggest trade tariffs would create “a little disturbance”, which seems to suggest a commitment to keep taxing US consumers. However, there was a faint sound of retreat from US Commerce Secretary Lutnick, who suggested that some of the tax burden may be lifted for consumers of Canadian and Mexican products as soon as today.

Mar 4

We cover a wide range of timely topics, including tariffs and US trade policy, efforts for a Russia-Ukraine peace agreement, along with US government funding and budgetary efforts. Plus, a preview of President Trump’s address to Congress. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Mar 4

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 and Frank Sileo, from the UBS Chief Investment Office.

Mar 4

On this week’s episode of Viewpoints, Burkhard shares his thoughts on recent geopolitical developments, and how global markets (including oil) have responded over the past few days. Plus, an assessment of market valuations, along with outlook scenarios. To conclude, Burkhard reflects on his unforgettable cycling journey through the Swiss Alps, and cites intersections with the world of investing and the rich history of Switzerland.

Mar 4

US President Trump lashed out in several directions yesterday, suspending military aid to Ukraine and aggressively taxing US consumers of imports from Canada, China, and Mexico. Although Trump inherited a strong economy, these moves increase US recession risks. The Ukraine decision has economic consequences. It may increase international hostility to Russia and the US, affecting sanction resolve and trade negotiations.

Mar 3

While there is a lot of noise for investors to sift through, there are some things we know with relative confidence. As for other things, we will have to make conjectures. Jason joins to identify just that, along with reviews the latest allocation recommendations, and messages in focus for the UBS Chief Investment Office. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mar 3

The idea of a coalition of the willing pushing for a one-month ceasefire in the Russia-Ukraine war is probably neutral, economically. Things like defense spending or energy supplies are unlikely to be affected significantly by this move.

Mar 2

Our conversation outlines the current landscape for fixed income investors and where to locate opportunity within the asset class. We also discuss the road ahead for monetary policy, the economy and the broader markets. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office, and Alex Obaza, Portfolio Manager, T.Rowe Price. Host: Daniel Cassidy

Feb 28

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

Feb 28

Equity markets reacted to social media posts from US President Trump. Trump is often more coherent on social media than in off-the-cuff comments, and these remarks made clear an intention to hike taxes—US buyers will need 25% more cash to buy goods from Canada or Mexico, and another 10% cash to buy from China. The China threat is credible, and in line with our expectations. Markets are not inclined to believe the threats to tariff goods from Canada and Mexico.

Feb 27

US President Trump confused investors by appearing to delay taxing US consumers of Mexican and Canadian goods. The White House then “clarified” that the tax delay was not decided. Such taxes would be very visible to US consumers, at a time when Trump’s approval ratings on the economy and inflation have fallen, making repeated retreats likely.

Feb 26

On this week’s episode of Viewpoints, Burkhard explains how and why market activity (and performance) has started to shift from the US to the rest of the world this year, and how investors should consider positioning their portfolios accordingly.

Feb 26

Many investors want to know the possibility of changes to federal income tax policies, and what the changes might mean for their personal tax burden. However, it's not just the future of taxes and tax policy that matters, it's where your income level falls along the income brackets that ultimately matters. We identify where you can focus your attention so that you can better manage your lifetime tax burden and discuss strategies to help you improve your after-tax wealth potential. Featured are Justin Waring, Total Wealth Strategist, and Ainsley Carbone, Retirement Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Feb 26

US equity markets were a little disturbed by a sharp decline in a consumer confidence survey—but these surveys are distorted by partisan politics. Depending on the cable news network one watches, the US is either an unpleasant version of Panem from “The Hunger Games” or a Panglossian paradise where all is for the best in this best of all possible worlds. Clear economic signals are hardly likely to come from economic surveys in such a situation.

Feb 25

US President Trump repeated their intention to aggressively tax US consumers of goods from Canada and Mexico, starting next week. Markets do not entirely believe Trump. Taxing everyday essentials like propane gas and avocado on toast would be very visible, very quickly to US consumers. Polls suggest only 32% of US voters approve of Trump’s management of inflation.

Feb 24

Jason weighs whether the main macroeconomic debate in 2025 relevant for the markets may be whether a Trump policy put is more or less likely than a policy error. We also reflect on Friday’s notable selloff across US equity markets, and recap Germany’s election results. Plus, a look at CIO’s near-term market outlook, and positioning views. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Feb 24

As with many other elections in the past 12 months, the Germans voted against their incumbent government. The CDU’s Merz is expected to become the next chancellor (coalition negotiations typically take months). After the results, Merz compared US election interference to that of Russia, and suggested that Europe would need to become independent of US security.

Feb 21

Against the backdrop of a potential shutdown of the US government next month, Shane updates us on a range of priorities being addressed by Congress. We also update on the status of remaining cabinet-level confirmation hearings, along with ongoing negotiations for a Russia-Ukraine war resolution. Featured is Shane Lieberman, Senior Governmental Affairs Advisors, Governmental Affairs US. Host: Daniel Cassidy

Feb 21

We discuss the European Union Omnibus regulations, along with Trump administration executive orders that have attracted attention to the sustainability landscape. Featured in-studio are Amantia Muhedini, Sustainable & Impact Investing Strategist Americas with the UBS Chief Investment Office, and Dan Roarty, Chief Investment Officer of the Sustainable Thematic Equities team at AllianceBernstein. Host: Daniel Cassidy

Feb 21

US Treasury Secretary Bessent signaled that former US Treasury Secretary Yellen’s debt issuance plan would continue, implying no increase in longer-dated Treasury bonds and lowering 10-year yields. This support is threatened by talk of a “DOGE dividend” to taxpayers. There is a considerable gulf between claimed government savings and economists’ view of reality. Refunding illusionary savings would be a deficit-financed stimulus check.

Feb 20

Paul rejoins us in-studio to answer some of the most commonly asked questions our business-owner clients have regarding the M&A, Private Equity, Venture Capital, and IPO space in 2025. Featured is Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Feb 20

The minutes of the January Federal Reserve meeting gave a cautious policy outlook. Nervousness about the economic consequences of US President Trump’s policies was clear. In particular, the potential for Trump to ignite a further wave of inflation was cited. Companies seem more willing to pass on import tax increases to end consumers than in Trump’s first term (perhaps because consumers have become more accustomed to price increases). The potential for profit-led inflation may exaggerate that.

Feb 19

US President Trump threatened more taxes on US consumers, focused on autos, pharmaceuticals, and semiconductors. Trump rapidly retreated from trade taxes that would be very visible to US consumers—Gen Z would notice tariff-induced inflation for avocado on toast. Less visible taxes (like aluminum) have endured. The new proposals are partially visible—taxing new cars raises second-hand car prices and the cost of car insurance—but probably sufficiently disguised as to prevent a repeat retreat.

Feb 19

On this week’s episode of Viewpoints, Burkhard reflects on his recent travels to Africa and attendance at technology conferences across Europe - shedding light on the continental differences of our digital economy, along with opportunities to be aware of. Burkhard also previews the upcoming elections in Germany, and what clients and investors should be mindful of.

Feb 19

The Swiss franc has long been a safe haven during uncertain times - second only to the US dollar for many investors. But what makes the currency of the world's 20th largest economy so appealing? The small Alpine nation also boasts an impressively broad industrial base and an array of innovative companies. So, which other Swiss assets should global investors be considering? Featured in this episode is Daniel Kalt, CIO for Switzerland, alongside co-hosts Christopher Swann and Belinda Peeters.

Feb 18

Jason drops by the 1285 studio to share his assessment of recent economic data, including on inflation and retail sales. We also take inventory of recent policy developments out of Washington DC, spanning DOGE to tariffs, to Congressional budget negotiations. Plus, thoughts on overall market activity, and a look at positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Feb 18

UK labor market data was stronger than forecast, with some positive revisions to previous month’s data. Anguished corporate cries about tax increases and related projections of mass unemployment do not (so far) appear in any of the data. Employment growth seems especially strong amongst the middle-aged, who matter because they have an important degree of spending power.

Feb 17

An assessment of federal policy proposals and potential implications to the muni market, along with a YTD muni performance check, and a look a muni investment trends. Featured are Sudip Mukherjee, Fixed Income Strategist Americas, Ted Galgano, Municipal Strategist Americas, and David Perlman, ETF Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Feb 17

Join the Chief Investment Office for a discussion on the executive order Trump signed over the weekend to impose additional tariffs on imports from Canada, Mexico, and China, the implications for investors, and more. The event is hosted by Amantia Muhedini and features David Lefkowitz, Head of US Equities, Leslie Falconio, Head of Taxable Fixed Income Strategy, and John Savercool, Head of Governmental Affairs US.

Feb 17

Will new tariff policies derail economic momentum in the US? Does gold have further room to rally in 2025? Will the global easing cycle continue to gain traction in 2025? CIO's Belinda Peeters brings you the latest on this week's market themes.

Feb 17

Selected European countries are meeting in Paris to discuss the Russia-Ukraine war. This is not likely to be market moving. Europe has allocated about 14% more money to Ukraine than the US, and countries like Germany do spend military aid on new production rather than using existing stockpiles. However, the sums involved are still economically small, limiting their impact.

Feb 14

Yesterday was US President Trump’s very big announcement on reciprocal tariffs, which turned out to be a plan to investigate taxing US consumers at a future date. Markets had to decide whether the president was being a protectionist or a pushover, and for now are erring toward pushover. The delay is seen as an opportunity to do “deals”. So far, such deals have been more spin than substance.

Feb 13

Yesterday’s US consumer price data provoked some unease in bond markets. This is mainly the fault of Federal Reserve Chair Powell—not because Powell’s policies drove inflation higher, but because Powell’s “data dependency” mantra means markets overreact to any data point. Egg prices are not controllable (not even by presidential executive order), but the fact that food price inflation is creeping up may have implications for other policies that are hurting US farmers. Today’s producer price data may show companies anticipating tariffs.

Feb 12

US January consumer price inflation will be largely unaffected by US President Trump’s trade taxes (though prices are occasionally raised in anticipation of tariffs). Unless tax increases are very aggressive, nothing Trump does will have a bearing on first quarter inflation. However, the composition of consumer prices is politically important.

Feb 11

US President Trump stated there will be no exceptions to aggressively taxing US buyers of foreign metals (due to start on 4 March, giving time for US companies to plead for exceptions). If there is no retreat, this will reduce US steel consumers’ competitiveness via higher import and domestic costs (if domestic metal producers raise prices under cover of the tariff). Retail consumers are less likely to notice the tax, unless job losses are explicitly linked to it.

Feb 10

We begin the week by assessing the latest developments surrounding tariffs, recapping the January jobs report, and previewing upcoming inflation data. Plus, overall thoughts on recent market activity, and views on positioning. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Feb 10

US President Trump (temporarily) retreated from ending de minimis tariff exemptions. De minimis rules mean US consumers do not pay trade taxes on imports worth less than USD 800. This, alongside retreats from taxing Colombian, Mexican, and Canadian goods, emphasizes trade tax visibility. Consumers would notice the cost of these tariffs (affecting food and fuel prices, or the price of purchases from Temu), and would quickly realize that US consumers, not foreigners, pay tariffs. Highly visible tariffs lead to a quick retreat.

Feb 10

In this episode, CIO's Jon Gordon provides an update on Chinese tariffs on the US coming into effect, Fed speak & US AI security policy under President Trump.

Feb 7

Brian shares his thoughts on the current health of the US labor market following today’s release of the January employment report. Plus, a look at the week ahead. Featured is Brian Rose, Senior Economist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Feb 7

Today witnesses the extreme hype of US employment data. Today’s data also has annual benchmark revisions, which will confuse the headlines. Weirdly, the US Bureau of Labor Statistics has cancelled all briefings explaining data. This is not necessarily helpful as data becomes more complex, inaccurate, and misunderstood. It has also fueled disquiet that the new US administration might politicize the way data is calculated (survey responses are already partisan).

Feb 6

Kristina Hooper is the Chief Global Market Strategist at Invesco. We cover a wide range of topics, including a macroeconomic outlook, expectations for monetary policy, notable market risks, and views on asset allocation. Host: Daniel Cassidy

Feb 6

New US Attorney General Bondi issued a flurry of memos, allegedly including a request to investigate companies pursuing diverse and inclusive workforces. That is economically significant. At a time of rapid structural change, companies need to employ the right person in the right job at the right time to maximize technological gains, with diverse views to spot the opportunities of rapid change. Undermining that risks damaging trend economic growth and profitability.

Feb 5

As headline developments surrounding trade uncertainty and DeepSeek persist, Xingchen drops by to discuss what this all means for emerging market equities. We also spend time examining the scope of US imposed tariffs on China, and the implications for Chinese growth and overall relations with the US. Plus, a deeper look into DeepSeek’s breakthroughs in the AI space. Featured is Xinghen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Feb 5

The US postal service has stopped receiving parcels from mainland China and Hong Kong after US President Trump taxed buyers of goods from mainland China worth less than USD 800. Meanwhile, restaurants are surcharging egg-eaters. These are trivial issues, but they affect economic perceptions. Small parcels make up less than 5% of mainland China’s exports to the US, but individuals either do not receive those parcels or abruptly learn that tariffs are paid by consumers, not exporters. Egg prices were a key political issue, and some consumers (wrongly) use them as a measure of wider economic wellbeing.

Feb 4

US President Trump again retreated from imposing aggressive taxes on US consumers. Although taxes on goods from Mexico and Canada are in theory delayed for a month, after three retreats in a row markets are unlikely to take that threat seriously. US consumers would have been visibly affected by these taxes—even Republican senators became aware that tariffs are paid by their constituents and not foreigners, and tweeted pleas for exemptions.

Feb 3

Investors are weighing the announcement of new tariffs from the Trump administration, and the risks of a trade war, along with the implications of DeepSeek to the progression of AI. Jason drops by to discuss the market and investment implications of these developments, plus shares guidance when it comes to portfolio positioning. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Shiavon Chatman

Feb 3

Economists are geeks. Star Wars parallels are tempting: US President Trump as the Trade Federation leader; Trump’s largest donor Musk as Chancellor Palpatine, railing against bureaucrats; and economists as Jedi Knights. But threatened US trade taxes have real consequences. Investors’ hope is the precedent of Trump’s rapid retreat from taxing Colombian imports.

Jan 31

As the Q4 corporate reporting season continues, Matt updates us on how the results have been coming in across equity sectors. We also discuss recent performance of US equities, a near-term performance outlook, along with considerations when it comes to positioning within US equities. Featured is Matt Tormey, Equity Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jan 31

US President Trump reiterated their intention to aggressively tax US consumers of products from Canada and Mexico, possibly excepting oil consumers. Several US refineries are set up to process Canadian and Mexican, not US, oil. The speed of Trump’s retreat from taxing US coffee drinkers is a reminder of the unpredictability around tariff policy.

Jan 30

Businesses have greeted the post-election environment with optimism, yet uncertainty remains as questions surround the timing and implementation of Trump 2.0 policies’ interplay with a seemingly more cautious Fed and slowing economy. Paul Hsiao, Asset Allocation Strategist Americas with the UBS Chief Investment Office, joins to discuss the outlook and implications. Host: Daniel Cassidy

Jan 30

The returning US president has already helped broker a ceasefire between Israel and Hamas. He is now attempting to do the same for Russia and Ukraine. But what kind of deal looks likely and what would this mean for Europe’s economy and markets? Finally, which equity sectors could benefit most from peace? Featured in this episode is Themis Themistocleous, CIO for EMEA, alongside co-hosts Christopher Swann and Belinda Peeters.

Jan 30

The Federal Reserve did nothing on rates, which seemingly displeased US President Trump. Uncertainty about the inflationary impact Trump’s policies might reduce the chance of a March rate cut, but characterizing policy as restrictive does suggest future rate cuts are plausible. Overt criticism of the Fed by Trump risks tilting the Fed toward hawkishness in any close call decision, to prove their independence.

Jan 29

On this week’s episode of Viewpoints, Burkhard reflects on the developments surrounding DeepSeek and the impact felt by US technology and energy companies. Burkhard also shares some interesting boots-on-the-ground takeaways from recently attended deep-tech conferences, along with weighs the impacts of the global race for energy resources.

Jan 29

Host, Kiran Ganesh, and colleagues present updated tariff scenarios, explore the implications of recent advancements in AI for investors, and share strategies to manage heightened market volatility.

Jan 29

The Federal Reserve decides on rates—the market consensus is for unchanged rates today. US President Trump advocates for rate cuts, but that view point may be biased by their experiences as a borrower. The rate outlook is complicated. Underlying inflation pressures are modest, and keeping real interest rates stable may require rate cuts.

Jan 28

A wide-ranging fixed income discussion on yields, along with where pockets of vulnerability and opportunity exist within fixed income as we enter 2025. 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, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office. Host: Daniel Cassidy

Jan 28

Following what has been a busy first week in office for President Trump, Shane recaps some of the notable executive actions, developments, and travel. Plus, we update on the progress of cabinet hearings and confirmations, along with preview what a timeline for tariffs could look like in the coming days and weeks. Featured is Shane Lieberman, Senior Government Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

Jan 28

Investors’ sudden discovery of China’s DeepSeek arguably reminds markets of the Fukushima Effect —people adapt when facing adversity (e.g. restrictions on China’s access to technology). On a larger note, output economics and GDP tend to ignore the benefits of efficiency. A culture that venerates GDP is a culture that may miss out on the benefits of a more efficient world.

Jan 27

Despite markets reacting favorably to week one of Trump 2.0, Jason explains why expectations should be managed when it comes to market price action. We also preview this week’s round of Q4 earnings, along with the FOMC meeting. Plus, thoughts on developments surrounding DeepSeek, and the impact to the US Technology Sector. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jan 27

China’s industrial profits grew in December, with profit margins seemingly more or less stable. This has a bearing beyond China’s borders because if China were “dumping” products by exporting below cost, profitability would suffer. Dumping might still happen in certain sectors, but the official data does not support it happening generally.

Jan 24

We provide a performance update and outlook for the municipal bond market, along with share views on positioning within the asset class. Plus, spend time assessing the implications of the ongoing California wildfires to muins. Featured is Sudip Mukherjee, Fixed Income Strategist Americas, and Jeannine Lennon, Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jan 24

The Bank of Japan raised interest rates a quarter point, as had been signaled in the media in advance. The BoJ appears to have confidence in rising wages, and like other central banks is following the trend of inflation (the difference is that Japan’s trend is rising). We expect one further rate increase this year.

Jan 23

Jason and Paul rejoin in-studio to share their revised assessment as to whether the US economy is still on track to mirror a “Roaring 20s” scenario this decade, this as we’ve reached the mid-point of the 2020s. Featured are Jason Draho, Head of Asset Allocation Americas, and Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Jan 23

Japan’s December trade data had weaker imports and stronger exports than had been expected. Exports to the US declined, which rather argues against pre-trade tax stockpiling in the US (though there may still be time for that). The absence of stockpiling would likely speed the impact of trade taxes on US consumers.

Jan 22

On the first episode of Viewpoints for 2025, Burkhard shares some boots-on-the-ground perspective from the annual World Economic Forum in Davos, Switzerland. We also spend some discussing the implications of Trump 2.0 to European economies and markets.

Jan 22