UBS On-Air: Market Moves Around the Horn: Monthly Fixed Income Roundtable with UBS Asset Management
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Oct 26, 2025 Join senior portfolio managers from UBS Asset Management as they dive into the intricacies of fixed income markets. Dave Walzak shares insights on front-end rate dynamics and the impacts of Fed policy, while Dave Ignolo discusses strong investment-grade corporate fundamentals and cautious sector positioning. Ryan Nugent offers a detailed municipal market update, highlighting supply-demand trends and performance drivers. Discover the interplay of market forces shaping these critical financial strategies.
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Goldilocks Backdrop, But Duration Uncertain
- The market is in a Goldilocks moment with supportive technicals and positive performance across fixed income year-to-date.
- The key question is how long this benign backdrop will last given sticky inflation and labor market risks.
Fed Cuts But Watches Labor And Inflation
- The Fed cut 25bps in September and emphasized labor market weakness as a key justification for easing.
- Inflation remains sticky, so the Fed will likely tread carefully despite cuts, keeping rates range-bound.
Shutdown Has Limited Market Impact—For Now
- The government shutdown has not disrupted Treasury auctions and markets are functioning normally so far.
- However, reduced data releases could cloud labor-market clarity and complicate Fed decisions when the shutdown ends.