UBS On-Air: Market Moves Signal over noise with Ulrike Hoffmann-Burchardi
Sep 28, 2025
Ulrike Hoffmann-Burchardi dives into key macro trends affecting the markets, emphasizing the impact of recent housing and GDP data on Fed policies. She draws intriguing parallels between today's tech investments and historical market moments, like the late '90s. The discussion shifts to Bitcoin's performance amid equities and the potential implications of an impending US government shutdown. Insights on upcoming employment reports and the state of the labor market round out a conversation filled with signals worth watching.
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Better Data Could Mean Fewer Fed Cuts
- Strong macro data last week (housing starts, GDP, PMIs) suggests growth momentum is better than expected.
- That may reduce expected Fed cuts and keep real rates range-bound, which equities can tolerate.
1999 Rhyme With Today's Innovation Hype
- Market analogies to 1999 are emerging around transformational innovation and high valuations.
- Historical parallels (Greenspan then, Powell now) signal watchfulness but not an immediate market peak.
Big AI Deals Echo Past Vendor-Financed Booms
- Large strategic investments tied to infrastructure purchases (e.g., NVIDIA–OpenAI) are transformational but not necessarily peak signals.
- Such deals echo past vendor-financed booms and merit attention as analogs, not sole indicators.