Leslie and Letty join to share reflections on recent asset class performance, including a look at the key factors behind outperformance of higher-quality bonds in high yield throughout 2025. Plus, a look at what CIO currently recommends for fixed income investors in the way of portfolio positioning. Featuring are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and Letty Zemaitis, Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

The Swiss-US trade deal marks another potential reduction in tariffs paid by US importers, following selective tariff cuts on imported foodstuffs. The Swiss tariffs were not in place long, and US importers may have anticipated this reduction; it is therefore questionable how much of the tariff was passed to US consumers. Other tariff reductions have not necessarily reduced consumer prices—less relevant in the Swiss case, but which matters to inflation perceptions in the case of food tariffs.

Tune in at the start of the trading week ahead of the New York opening bell as Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, briefs you on what’s the signal, and what’s just noise in the markets. Recorded on 16 November 2025.

There are more reports of the US administration scrambling to cut tariffs using framework trade deals with Latin American economies. Heightened political concerns about US consumers’ inflation perceptions seem to be leading a drive to reduce the tariffs US importers pay on food products. Bilateral negotiations with Latin American countries will be limited in their scope because of Mercosur trade pact rules.

Nick Galakatos, Senior Managing Director, & Global Head of Life Sciences at Blackstone joins Daniel Cassidy at the UBS podcast studio in New York for a comprehensive discussion on trends and developments within Life Sciences, including a look at funding innovations, the regulatory landscape, and the investment case for Life Sciences.

On this week’s episode of Viewpoints, in recognition of the 30th UN Climate Summit, Burkhard reflects on “where we are” and “where we’re heading” with respect to global climate and clean energy commitments. Plus, a look at climate-related investments where investors can make a positive difference.

US October consumer price inflation should have been published today. It is unlikely the number will ever be calculated, because there was no one to collect the price data. This highlights a problem —even if the US government is functioning, there are fewer employees collecting prices, which means more of the inflation number is ”interpolated” (or “guessed”).

US President Trump has suggested that most US households could receive a USD2,000 cheque from the government. Such a move would require legislation. The bond market seems sceptical about Congressional action and is not currently pricing the probable deficit consequences. Bonds are instead focusing on dubious quality labor market signals, as a guide to Federal Reserve rate cuts.

As the U.S. government nears reopening, Jason outlines the terms of the deal, though more importantly, explains when investors can expect to get new economic data. We also discuss the health of the U.S. labor market and what private sector data has suggested in recent weeks. Plus, thoughts on recent market price action, and a review of CIO’s current portfolio positioning recommendations. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Media reports suggest US importers may face a lower tariff on products from Switzerland (the suggestion is that the August 39% tariff becomes 15%). Swiss imports are a rather modest contribution to the basket of goods that form US consumer price inflation. However, price reactions to a tariff cut might be an important signal. Other tariff cuts have not led to proportionate reductions in consumer prices. If this trend continues, it might create inflation stickiness if the US Supreme Court rules other tariffs to be illegal.

The 250 years of US innovation publication series highlights examples of how transformational innovation has been an engine of US economic growth since the nation’s founding. Today, we explore the history of America’s railroad by referencing the inaugural publication of the series: From sea to shining sea: The transcontinental railroad. Featured are Kurt Reiman, Head of Fixed Income Americas, and Nathaniel Gabriel, US Industrials and Materials Sector Strategist, UBS Chief Investment Office. Host: Daniel Cassidy

Tune in at the start of the trading week ahead of the New York opening bell as Ulrike Hoffmann-Burchardi, CIO Americas and Head of Global Equities for UBS Wealth Management, briefs you on what’s the signal, and what’s just noise in the markets. This week - Commentary about AI demand in earnings reports, and a potential end to the U.S. government shutdown. Recorded on 9 November 2025.

Investors have been caught between the fear of missing the AI revolution and growing worries about an equity market bubble. With US valuations at the highest level since the dotcom surge 25 years ago, how concerned should investors be? Is now a good time to diversify beyond the US or retreat to cash? To explain how to navigate these complex markets, hosts Christopher Swann and Belinda Peeters are joined by CIO’s global head of investment communications, Kiran Ganesh.

Yesterday, the Bank of England did what it does best and disagreed with itself over policy. The finely balanced vote opens the way for a rate cut in December, when policy-makers will have the benefit of actually knowing what the government’s fiscal policy is to be.

Jason is joined in studio by Dr. David Kelly for an engaging conversation about the potential path forward for monetary policy, the state of the U.S. economy, equity market valuations, and asset allocation considerations. Featured are Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team at JPMorgan Asset Management, and Jason Draho, Head of Asset Allocation Americas at the UBS Chief Investment Office. Host: Daniel Cassidy

On this week’s episode of Viewpoints, Burkhard shares some boots-on-the-ground perspectives from Cape Town, South Africa, including thoughts on the factors that are driving economic momentum across the country, and more broadly across the emerging markets. Plus, some can’t miss cycling and travel tips from the picturesque Chapman’s Peak!

The US Supreme Court hearing on the legality of the majority of the US administration’s tariffs produced a positive reaction from tariff-related equities. The questioning from some justices, including the chief justice, seemingly increased investor expectations that the tariffs would be declared illegal. That should entail a rebate to US companies, which would offer a fiscal boost to the US economy.

Join Justin Waring, Head of UBS Wealth Way Strategy and Solutions, as he outlines year-end planning priorities and what’s on the horizon for retirement and tax strategies in 2026. Whether you are decades away from retirement, getting ready to transition to retirement, or already enjoying your retirement years, the end of the year is an ideal time to review your plan for both risks and new opportunities. Host: Daniel Cassidy

The economic calendar includes several central bank announcements, as well as the release of the Bank of Japan’s minutes. With limited investor focus on other central bank remarks, the Bank of Japan minutes may attract particular attention.

Kurt drops by the studio to update on a variety of timely topics, including the implications of potential Election Day outcomes, the prospects for an end to the ongoing U.S. government shutdown, along with takeaways from President Trump’s recent trip to Asia. We also preview the Supreme Court’s hearing on the Trump administration’s use of the International Emergency Economic Powers Act (IEEPA). Featured is Kurt Reiman, Head of Fixed Income Americas, UBS Chief Investment Office. Host: Daniel Cassidy