UBS On-Air: Market Moves

Client Strategy Office

UBS On-Air: Market Moves brings you beyond the highs and lows of the ticker, with conversations that can broaden your thinking about market behavior

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20 episodes
Updated Friday

Episodes20

Newest first

Friday · 13 min
Washington Weekly Podcast: Geopolitical & Capitol Hill round-up
As the US-Iran conflict widens across the region, Shane updates on this week’s developments and how the conflict could evolve over the near-term. We also discuss what remains for the US Senate to address ahead of the planned summer recess, and whether lawmakers may remain in Washington DC to work through the legislative agenda. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy
Friday · 11 min
Top of the Morning: The evolution of Emerging Markets
A look at the factors behind the outperformance of emerging market assets over the past year, along with how the rise of AI and semiconductors has changed the nature of the emerging markets asset class. Featured is Alejo Czerwonko, CIO for Emerging Markets Americas, UBS Chief Investment Office. Host: Daniel Cassidy
Thursday · 8 min
Top of the Morning: FOMC - Warsh signals a period of watchful thinking
Andrew drops by the studio for an assessment of this week’s July FOMC meeting statement, and Q&A session with Chairman Kevin Warsh. We also discuss the factors behind the market response on Wednesday afternoon, along with CIO’s expectations for monetary policy into year-end, and beyond. Featured is Andrew Dubinsky, US Economist, UBS Chief Investment Office. Host: Daniel Cassidy
Thursday · 6 min
UBS On-Air: Paul Donovan Daily Audio 'What was Warsh thinking?'
The Federal Reserve left interest rates (and the accompanying policy “statement”) unchanged yesterday. Fed Chair Warsh appeared to try and speak to several audiences. US President Trump was told inflation was the fault of the Fed but would come down. Households were told not to assume the Fed would allow higher inflation (most US households do not know the Fed’s job is to control inflation). And markets were told a lot of things.
Wednesday · 10 min
Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 68)
Burkhard drops by to share his thoughts on the pattern with oil prices and the US-Iran conflict, how this week’s FOMC meeting outcome could set the tone for market direction in the second-half of the year, and whether the investor rotation in equities has further room to run.
Wednesday · 35 min
How should I be positioned? with Dan Ivascyn (PIMCO) and Jason Draho (UBS CIO)
Dan rejoins the conversation with Jason 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 monetary policy, along with geopolitical considerations, and factors that could impact fixed income return throughout the second-half of the year. 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
Wednesday · 6 min
UBS On-Air: Paul Donovan Daily Audio 'Precious opinions'
Iran’s missile strikes against US Gulf military bases pushed oil prices modestly higher. It is a reminder of the challenge for investors—Iranians are clearly setting the agenda in the Gulf war, and investors do not know how to analyze the motives of the Iranian military. This constrains investors’ ability to price in plausible scenarios, and leaves little other than the default optimism bias to influence markets.
Tuesday · 28 min
CIO Fixed Income Roundtable Podcast Series - 3Q26 update and outlook
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, along with Senior Fixed Income Strategists’ Letty Zemaitis, Frank Sileo, Sudip Mukherjee & Sangeeta Marfatia, from the UBS Chief Investment Office.
Tuesday · 10 min
Top of the Morning: CEO Macro Briefing Book Q3 update
A quarterly check-up on the US macroeconomic environment, including consumer spending trends, the condition of the labor market, the road ahead for monetary policy, and the current landscape for deal-making. Featured is Paul Hsiao, Senior Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy
Tuesday · 6 min
UBS On-Air: Paul Donovan Daily Audio 'Another convulsion'
Technology equities are having one of their periodic convulsions—without any obvious economic driver. The South Korean market is at levels last seen in April. This underscores the speed of technology equities’ rise; that speed limits the correction’s economic consequences. Households are still likely to spend—cash stockpiles and the ability to reduce how much income has been saved, more than equity wealth effects, have been sustaining consumer spending.
Monday · 18 min
Top of the Morning: CIO Strategy Snapshot - Midsummer market assessment
As we approach the middle of the summer, investors continue to deal with a number of pesky market risks, including the prospect of the Fed hiking rates, a resumption of hostilities between the US and Iran, a new wave of tariffs, and ongoing concerns about AI capex spending. Yet through all of that the S&P 500 has been relatively steady. Jason Draho, Head of Asset Allocation Americas from the UBS Chief Investment Office, joins to assess the current market environment, and shares CIO’s positioning recommendations. Host: Daniel Cassidy
Monday · 20 min
Philanthropy in Action: How Giving Brings Families Together
In this episode of UBS On-Air, host Isaac Chota, Product Manager for Donor-Advised Funds at UBS, is joined by Michael Wilson from National Philanthropic Trust. Together, they explore how philanthropy can strengthen family bonds across generations and help families align their wealth with their values. Michael shares personal stories and practical insights on making charitable giving a meaningful part of financial planning, including how Donor-advised funds and strategic asset selection can maximize impact. Whether you’re new or a seasoned philanthropist, discover how giving can deepen relationships, engage the next generation, and create lasting legacies.
Monday · 6 min
Signal over Noise: The open model AI ripple—What it means for investing in the AI value chain
July has brought a powerful wave of new open AI models, highlighting how quickly the market is moving beyond reliance on a small group of closed frontier systems.July has brought a powerful wave of new open AI models, highlighting how quickly the market is moving beyond reliance on a small group of closed frontier systems. This episode explores what that shift means across the AI value chain—from infrastructure and foundation models to applications and tooling—and why greater competition among models could drive value both upstream in the enabling layer and downstream in applications. This episode explores what that shift means across the AI value chain—from infrastructure and foundation models to applications and tooling—and why greater competition among models could drive value both upstream in the enabling layer and downstream in applications.
Monday · 5 min
UBS On-Air: Paul Donovan Daily Audio 'Oil’s tariff playbook'
The policy pattern of the trade war is echoed in the policy pattern of the ongoing Gulf war. In 2025, US threats over tariffs provoked market reactions, leading to a policy retreat in the face of those reactions. Escalating Gulf violence pushed oil prices over USD100/barrel, leading to a policy shift by the US. The risk with this process is that as investors anticipate a policy retreat, the market reaction becomes more muted over time and applies less pressure for policy change.
July 24 · 17 min
Top of the Morning: Fixed Income - Resilience, recalibration, and remedies
Leslie joins to spotlight recent market conditions and how they have impacted the repricing and recalibration of fixed income assets. We also reflect on the hawkish commentary delivered from Fed Chairman Kevin Warsh during his first press conference, and what will the Fed be focused on through year-end. Plus, a second-half fixed income market outlook, and a review of positioning recommendations. Featured is Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, UBS Chief Investment Office. Host: Daniel Cassidy
July 24 · 11 min
Washington Weekly Podcast: Budget resolution, Crypto bill, Government funding deadline
Shane drops by for a timely update on a variety of topics as it relates to Capitol Hill, including where Congress stands on passing a budget resolution for defense and farm aid, a potential vote on bi-partisan crypto legislation, and efforts to avoid another government shutdown. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host Daniel Cassidy
July 23 · 13 min
Top of the Morning: Commodities - From investment rationale to portfolio reality
As investor interest in commodities has reached a multi-year high, Asset Allocation Strategist, Ian Spencer, joins to review commodity basics, evaluates various investment rationales for adding commodities to a portfolio, explores portfolio construction considerations including allocation size and funding approaches, and summarizes investment recommendations. Host: Daniel Cassidy
July 23 · 12 min
Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 67)
As the summer season continues, Burkhard shares his thoughts on recent trends across global equity markets by outlining the factors behind volatility and what might support a recovery. Plus, some takeaways from a recent visit to Qatar as the US-Iran conflict persists and oil is once again on the rise. We conclude with some final thoughts on the World Cup and the tournament’s outcome this past weekend.
July 23 · 2 min
UBS On-Air: Paul Donovan Daily Audio 'The return of the armchair generals'
Iran struck tankers attempting to traverse the Strait of Hormuz, potentially undermining shipowners’ confidence in US protection. The Houthi struck at tankers in the Red Sea—this has always been a key area of vulnerability. Investors are likely to look for US conciliation as a de-escalation signal, and absent that have pushed oil prices higher.
July 22 · 14 min
Top of the Morning: Municipal Market - Looking good at halftime
Following the outperformance of munis during 1H26 relative to other US fixed income assets, Sudip and Jeannine join to share performance expectations for the balance of the year, and share how to think about positioning. Featured are Sudip Mukherjee, Senior Fixed Income Strategist Americas, and Jeannine Lennon, Senior Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

UBS On-Air: Market Moves

Washington Weekly Podcast: Geopolitical & Capitol Hill round-up

Top of the Morning: The evolution of Emerging Markets

Top of the Morning: FOMC - Warsh signals a period of watchful thinking

UBS On-Air: Paul Donovan Daily Audio 'What was Warsh thinking?'

Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 68)

How should I be positioned? with Dan Ivascyn (PIMCO) and Jason Draho (UBS CIO)

UBS On-Air: Paul Donovan Daily Audio 'Precious opinions'

CIO Fixed Income Roundtable Podcast Series - 3Q26 update and outlook

Top of the Morning: CEO Macro Briefing Book Q3 update

UBS On-Air: Paul Donovan Daily Audio 'Another convulsion'

Top of the Morning: CIO Strategy Snapshot - Midsummer market assessment

Philanthropy in Action: How Giving Brings Families Together

Signal over Noise: The open model AI ripple—What it means for investing in the AI value chain

UBS On-Air: Paul Donovan Daily Audio 'Oil’s tariff playbook'

Top of the Morning: Fixed Income - Resilience, recalibration, and remedies

Washington Weekly Podcast: Budget resolution, Crypto bill, Government funding deadline

Top of the Morning: Commodities - From investment rationale to portfolio reality

Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 67)

UBS On-Air: Paul Donovan Daily Audio 'The return of the armchair generals'

Top of the Morning: Municipal Market - Looking good at halftime