UBS On-Air: Market Moves

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

US President Trump’s remarks yesterday were a compilation of recent social media posts in both tone and content. While there were signals of an imminent US retreat from the Gulf, the aggressive remarks shaped market perceptions. US escalation (however short-lived) risks being met with an Iranian response, threatening more infrastructure damage in the Gulf. That could extend the economic damage of the war well beyond any reopening of the Strait of Hormuz.

UBS Art Advisory Specialist, Rachel Peart, sits down with Emily Kaplan, Senior Vice President and Senior Specialist, Postwar and Contemporary Art at Christie’s, to dive deeper on how auction estimates, reserves, and guarantees are set and used strategically. They examine bidder psychology and key valuation factors supported by notable examples. The episode closes with spring 2026 season highlights, led by three works from Agnes Gund’s collection and a major minimalism collection.

The declining number of market traders old enough to remember “The X Files” are muttering “I want to believe”. Markets want to hear good news about the Gulf war; trading negative risks would be very difficult. US President Trump is to speak tonight. This may or may not be useful, depending on whether Trump stays on script. Trump did indicate the US could retreat from the Gulf without a deal with Iran—that shortens the expected war timeline, as requiring a deal would first require direct negotiations, which do not appear to be happening.

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