UBS On-Air: Market Moves

Join David Lefkowitz, Head of Equities Americas, each month for a look at the factors that are driving performance across US equities. We also cover risk considerations, thematic focuses, and positioning recommendations from the UBS Chief Investment Office (as outlined within the latest UBS House View). This month, David discusses how much new equity issuance there could be this year from both IPOs and existing companies, explains CIO’s continued positive outlook for US equities, and how he’s thinking about monetary policy under Fed Chairman Kevin Warsh. Host: Daniel Cassidy

Yesterday, US Vice-President Vance denied being the “fall guy” for the position the US finds itself in with Iran, but has chosen not to fly to Switzerland for talks at the moment. Markets assume delayed negotiations would just extend the ceasefire, and are fixated on the volume of shipping (and oil) through Hormuz.

Shane drops by to reflect on the wide range of topics covered during this week’s G-7 summit in France, including renewed efforts by leaders to end the Russia-Ukraine war. We also discuss the fourteen-point plan included within the agreed to US-Iran memorandum of understanding, along with what the months ahead might have in store. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

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.