The US employment report was a convenient reminder not to put too much emphasis onto a single unreliable data release. There were notable revisions, and the details showed swings in seasonal adjustments moving the figures in a rather maladjusted manner. The trends are still the same. In an uncertain policy environment, companies seem reluctant to hire, but are also not rushing to fire. The labor market situation does not make rate cuts urgent, but this plus the use of savings to pay for tariffs and gasoline prices does add some fragility to the US consumer.

On this week’s edition, Shane highlights how the United States of America has been celebrating its 250th birthday. We also review some of this week’s final opinions issued by the Supreme Court, along with take inventory of legislative items Congress is working to address ahead of the quickly approaching summer recess. Featured is Shane Lieberman, Senior Governmental Affairs Advisor, Governmental Affairs US. Host: Daniel Cassidy

A review of the latest employment data and what it reveals about the health of the US labor market. Plus, a review and preview of other notable macro data points of interest. Featured is Andrew Dubinsky, Senior US Economist, UBS Chief Investment Office. Host: Daniel Cassidy

With the US not working tomorrow, we get June labor market data today. The level of inaccuracy in the data means the monthly changes should not be taken too seriously. The trends are still the same—not too much hiring, not too much firing. The general level of policy uncertainty over the past 18 months encouraged paralysis of corporate decision-making.

Join Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios and Head of the Private Client US Equity Team with UBS Asset Management, as he shares a performance update for US equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 18.06.26

At congressional confirmation hearings, Federal Reserve Chair Warsh famously denied being US President Trump’s sock puppet. Markets will scour Warsh’s comments today for any hint of hosiery. The desire to prove political independence may give a hawkish tone. Warsh already signaled a disinclination to offer policy guidance (despite the risk this causes market volatility, raising the cost of capital and weakening growth).

Bob Giangregorio is a Senior Vice President and Portfolio Manager at Spectrum Asset Management. Bob joins Frank Sileo, Senior Fixed Income Strategist Americas from the UBS Chief Investment Office, for a comprehensive discussion on the preferred securities market. They cover a performance update and outlook, risk considerations, positioning views, and more.

The narrative of today’s generally “second tier” data releases is of a global economy that is resilient if somewhat dull. This might seem remarkable in the face of war, oil price gyrations, and unpredictable US policy. However, middle-income consumers in developed economies began this year in a solid position. Oil and the US economy have become less important over time. People are very good at adapting to a crisis.

As the second half of 2026 soon approaches, Jason spends time this week outlining CIO’s macro and market expectations (including expectations for Fed policy under Chair Warsh), and reviews positioning recommendations along with key messages. Plus, a look at the drivers behind recent market volatility. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

This episode explores what historical US innovation can teach us about the trajectory of AI CapEx. Drawing on the 250 years of US innovation series, it looks at three key lessons from past capital cycles, from railroads to electrification to the internet. It highlights how innovation cycles tend to follow a similar pattern, how competition drives investment dynamics, and where value ultimately emerges in the application layer.