This week we got a sneak-peak at the playbook for when the AI bubble bursts
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It wasn't a big week in financial markets. When you upwrap it, Fed pricing has been flat and major indexes chopped sideways. The Iran war continues with the usual threats, but we did get a promise from Trump not to attack before the midterms. How credible that promise is might be
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4 itemsTop of the Morning: CIO Strategy Snapshot - Shocked but not awed
Top of the Morning: CIO Strategy Snapshot - Shocked but not awed
Per the full note UBS-on-Air, the CIO office sees the Fed holding steady amid sticky inflation and a resilient economy, with the median dot still pointing to one cut in 2027. The Iran conflict risk premium is fading, but the selloff in risk assets has been contained so far. The desk argues that the next central bank move could be a hike rather than a cut, challenging consensus dovish expectations. With no high-impact calendar events in the near term, the focus is on whether oil prices derail the disinflation narrative.
Top of the Morning: CIO Strategy Snapshot - US-Iran conflict: Assessing the market & macro impacts
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