UBS On-Air: Market Moves

Sudip Mukherjee, Senior Fixed Income Strategist Americas from the UBS Chief Investment Office, is joined by Pat Haskell, Head of the Municipal Bond Group within the Portfolio Management Group at BlackRock, for a wide-ranging conversation on the state of the municipal bond market. They cover a performance update and outlook, share views on muni credit, and discuss the growth in SMAs and ETFs in the muni market.

AI-related investment in the US is booming, the rest of private sector investment not so much. Still, it's a positive for the macro outlook. We discuss this, the factors driving recent market activity, along with positioning guidance from CIO. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Bryan Contreras

Markets have had a muted reaction to reports of the US and Iran exchanging fire in the Gulf. Investors had tended to dismiss US President Trump’s weekend optimism and focused instead on comments from Iran, so an escalation was not unexpected. Prices are still not at levels that would bring supply and demand into balance (once reserves are exhausted), and various politicians globally talking of subsiding retail oil prices will make things worse.

We explore a topic that’s been gaining momentum, especially among working families: Financial Independence, Retire Early, or FIRE. Justin Waring from the UBS Chief Investment Office Global Investment Management team, joins to explain what the FIRE movement is, and why it’s resonating right now. Host: Daniel Cassidy

US President Trump posted on social media that the US will “guide” commercial shipping through the Strait of Hormuz. Media reports suggest this will not involve naval escorts. Iran’s parliamentary security committee head Aziz called the posts delusional. The oil market reaction gives weight to the Iranian view. US gasoline prices are approaching USD 4.5 per US gallon, which is an incentive for the administration to use calming rhetoric to guide markets. This has less impact as the point of physical shortages moves closer.