UBS On-Air: Market Moves

The team spotlights the factors behind the recent rally in munis, along with improving technicals, and the return of inflows. We also review the House Ways & Means committee tax plan, and spotlight developments surrounding sanctuary city funding. Featured are Sudip Mukherjee, Fixed Income Strategist Americas, Jeannine Lennon, Municipal Strategist Americas, & Ted Galgano, Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Mark Axelowitz, Managing Director and UBS Private Wealth Advisor, and Solita Marcelli, Chief Investment Officer Americas, hosted a special fireside chat on the outlook for the world, economy, and value investing with Bill Ackman, Founder and CEO of Pershing Square Capital Management, and Ryan Israel, Chief Investment Officer at Pershing Square Capital Management

The key message from yesterday’s pontification of Federal Reserve speakers was “uncertainty”. Uncertainty about policy, uncertainty about how companies and consumers would react to that uncertainty, uncertainty about second-round effects from tariffs, and so on. The result is a wait-and-see approach from the Fed. The risk is that a reactive policy may come too late to correct any economic damage from all the uncertainty.

Jason rejoins in-studio to weigh in on the recent rally in US equities, the rise in rates over the past month, along with recent developments surrounding US trade policy (notably relations with China), and what it all means for the market outlook? Plus, thoughts on the significance of Moody’s US credit rating downgrade, and guidance around portfolio positioning. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

A credit rating agency (it does not matter which) downgraded the US from something to something else. US President Trump’s current policies are unlikely to place the US on a sustainable debt path. Influential donor Musk’s DOGE efforts are unlikely to reduce the deficit. Market reactions should be muted—there is little new information. Administration officials attempted to frame the decision in a political context, but some comments also suggested a limited understanding of the ratings process.