UBS On-Air: Market Moves Top of the Morning: CIO Strategy Snapshot - UBS House View (Feb)
Jan 26, 2026
Jason Draho, Head of Asset Allocation Americas at UBS Chief Investment Office, offers a compact market snapshot. He discusses recent market breadth and the rotation into cyclicals and small caps. He covers rate and curve risks alongside safe-haven demand for gold and silver. He previews the Fed meeting and outlines CIO’s current allocation stance.
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Market Breadth Is Expanding
- Equity performance is broadening beyond mega-cap tech into small caps, equal-weight S&P and emerging markets.
- That rotation suggests investors are pricing a cyclical growth pick-up rather than a pure tech-led rally.
Front Rates Up, Back-End Riskier
- Short-end yields have risen as markets pare back expected Fed cuts while long-end yields remain the bigger market risk.
- Back-end yield moves, driven by global fiscal or inflation concerns, could spark broad market volatility.
Precious Metals Rally Signals Safe-Value Demand
- Investors are seeking stores of value, driving big gains in gold and silver recently.
- This reflects demand for safe assets and diversification amid macro and political uncertainty.