UBS On-Air: Market Moves

Following this week’s FOMC meeting - the first led by new Chairman, Kevin Warsh - Andrew drops by to share an assessment of the statement and press conference, along with an outlook for monetary policy. Plus, a health check on the US economy as we look towards the second half of 2026. Featured is Andrew Dubinsky, Senior US Economist, UBS Chief Investment Office. Host: Daniel Cassidy

The Federal Reserve meeting produced a hawkish impression, with a strong focus on fighting inflation. That may put Fed Chair Warsh at odds with US President Trump, as the Fed’s own research suggested US tariffs have added to inflation. Near-term policy changes seem unlikely, given the number of proposed committees Warsh is establishing.

Nate Walton is a Partner and serves as the Head of Private Equity Secondaries for Ares Management. Nate drops by the UBS podcast studio in New York for a comprehensive discussion around the secondaries market - including the market evolution, supply-demand dynamics, return drivers, manager selection considerations, and more. Host: Daniel Cassidy

The Federal Reserve is expected to leave rates unchanged today. The Bank of Japan started with an accommodative stance, and has moved toward neutral. The European Central Bank started with a neutral stance, and unnecessarily moved toward a restrictive policy. The Fed started the year with a mildly restrictive policy, and there is no necessity for change.

We discuss the factors behind YTD muni performance relative to other fixed income sectors, against a backdrop of geopolitical uncertainty, rate volatility, and elevated supply. Plus, a look at opportunities within prepaid gas bonds. Featured are Sudip Mukherjee and Barry McAlinden, Senior Fixed Income Strategists Americas, UBS Chief Investment Office. Host: Daniel Cassidy