UBS On-Air: Market Moves

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

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.

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.

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.

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