UBS On-Air: Market Moves Client Strategy Office

With US equity markets having reached all-time record closes, Jason weighs the ‘sell in May, and go away’ narrative, and discusses how investors should consider positioning in light of current market levels. We also reflect on the latest round of inflation data, as well as near-term market drivers. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Iranian President Raisi has been killed in a helicopter crash. The first vice president becomes interim president, and elections will be called within 50 days. No change is expected in Iran’s main policy positions as major policy decisions are overseen by Supreme Leader Khamenei. Over the longer term, market considerations will focus on the implications for Khamenei’s successor, and the potential for protests around the elections.

We preview the current calendar for US Presidential debates, unpack the FAA Bill and the implications for consumers, and share takeaways from Secretary of State Blinken’s recent visit to Ukraine. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

China reported stronger industrial production and weaker domestic retail sales. If these figures are accurate, they present some risks to China’s policy-makers. Production strength seemed focused in politically-sensitive areas, including computing and autos.

Join members of the UBS Chief Investment Office for some timely thoughts and reflections around the April Consumer Price Index (CPI) print, and what this latest inflation data might mean for monetary policy, and the markets. Featured are Brian Rose, Senior Economist Americas, Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, and David Lefkowitz, Head of Equities Americas. Host: Daniel Cassidy

Yesterday’s US consumer price data was less weird—no 4% monthly increases in rent in Detroit (as in March). The detail showed for almost every business sector, there is deflation somewhere in the United States. For the benefit of non-economists (like the Chair of the Federal Reserve) this is not remotely consistent with sticky prices.