UBS On-Air: Market Moves

Jeff and Barry join to provide reflections and takeaways from the Federal Reserve’s 2026 annual stress test results for US banks and financial institutions (through an equity and credit lens). Plus, a preview of the upcoming corporate earnings season for US financials. Featured are Jeff Harwood, Financials Equity Strategist Americas, and Barry McAlinden, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Politics can influence which economic data is considered important. Today’s US trade data is not economically significant, but in the trade tariff era it has assumed political importance. US exports should benefit from oil trade, but US consumers’ thirst for imports remains unquenched. This may feed into the tariff debate.

Bill Sterling serves as Global Strategist at GW&K Investment Management. Bill shares his thoughts on a range of factors top of mind for investors and that are influencing market momentum as we have reached the midpoint of 2026. We also cover a market outlook, and touch on positioning preferences. Host: Daniel Cassidy

The Buttonwood tree, under which New York stockbrokers gathered in 1792, symbolizes the origin of a market that would expand far beyond its modest beginnings and eventually become part of a global financial system centered on the US dollar and shaped at Bretton Woods. Paul Hsiao, Senior Asset Allocation Strategist Americas form UBS Chief Investment Office, explains the evolution and global impact of the US capital markets. Host: Daniel Cassidy

Defense spending is a focus as NATO leaders meet on Wednesday. Obviously, total defense spending is rising in most economies. Markets tend to get too excited about what that means for growth. Defense spending drips into the economy slowly. It will take the US more than three years to rebuild some of its missile stockpiles after the Gulf war, spreading the economic consequences.