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Market's Geopolitical Risk Tolerance Has Shifted: UBS's McCartney
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January 27, 2026
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6:29Now PlayingAlli McCartney, Managing Director of Wealth Management with Alignment Partners at UBS, joins Bloomberg Businessweek Daily to discuss markets news of day, including how investors are shifting their strategy as President Trump unleashes a barrage of geopolitical changes to begin the year. McCartney also weighs in on this week's Fed decision and how tech earnings could impact markets. She speaks with Carol Massar and Tim Stenovec.
President Donald Trump indicated he’s comfortable with the dollar’s recent decline, helping send the currency to its lowest level since early 2022.
“No, I think it’s great,” Trump told reporters in Iowa on Tuesday when asked if he was worried about the currency’s drop. “I think the value of the dollar — look at the business we’re doing. The dollar’s doing great.”
Trump’s comments added fuel to what was already the dollar’s deepest drop since his tariff rollout sent markets into a tailspin last year, fanning fears that his erratic policy shifts would drive overseas investors to pull back from the US. After he spoke, the Bloomberg Dollar Spot Index extended losses to as much as 1.2%, as the US currency weakened against all of its major counterparts before steadying somewhat in London trading Wednesday. The latest tumble puts the gauge on track for its worst month since April.
The president has long accused other countries of seeking weaker exchange rates to boost exports, and Treasury Secretary Scott Bessent has highlighted the distinction between the dollar’s price and its value as a reserve currency. So these latest comments were seen as giving a green-light to traders to sell the greenback.
“Many in the Trump cabinet want a weaker dollar in order to make exports more competitive,” said Win Thin, chief economist at Bank of Nassau. They’re “taking a calculated risk. A weaker currency can be nice until things get disorderly.”
President Donald Trump warned Iran to make a nuclear deal with the US or face military strikes far worse than the attack he ordered last June, ratcheting up pressure on the regime even as regional leaders sought to spur fresh diplomacy between the adversaries.
In a social-media post, Trump said the fleet of US ships he’d ordered to the region, led by the USS Abraham Lincoln aircraft carrier, was “ready, willing, and able to rapidly fulfill its mission, with speed and violence, if necessary.”
“Hopefully Iran will quickly ‘Come to the Table’ and negotiate a fair and equitable deal - NO NUCLEAR WEAPONS - one that is good for all parties,” Trump wrote.
In response, Iran said it stands ready for dialogue based on mutual respect and interests but warned that “IF PUSHED, IT WILL DEFEND ITSELF AND RESPOND LIKE NEVER BEFORE,” the country’s mission to the United Nations said in a post on X.
Trump has repeatedly warned Iran that the US might launch another attack on the country, but those threats were linked to a deadly crackdown on protests that began in late December. Trump has previously said Iran’s nuclear program was “obliterated” in the strikes last June that targeted three facilities across the country.
Secretary of State Marco Rubio said the Trump administration is prepared to use force to ensure that Venezuela’s acting President Delcy Rodríguez cooperates with the US, while hoping that self-interest will motivate her to advance key American objectives.
Rodríguez has committed to opening Venezuela’s energy sector to US companies, providing preferential access to oil production and using money from oil sales to buy American goods, Rubio said in remarks prepared for delivery at a hearing with lawmakers on Wednesday.
The hearing is Rubio’s first public appearance before Congress since the US raid that led to the capture of her predecessor, Nicolás Maduro, on Jan. 3.
“We are prepared to use force to ensure maximum cooperation if other methods fail,” Rubio said in the statement for the Senate Foreign Relations Committee. “It is our hope that this will not prove necessary.”
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