UBS On-Air

Each week we like to touch base with the UBS US Office of Public Policy to discuss the latest on developments within the beltway and beyond. On today's edition, we reflect on Senator Kamala Harris as being named the running mate of Presidential candidate Joe Biden, upcoming campaign trail milestones, the prospects for additional COVID-19 relief measures and more. Featured is Shane Lieberman from the UBS U.S. Office of Public Policy. Host: Daniel Cassidy

Global trade saw some action overnight. US President Trump has agreed not to increase taxes on US consumers of European products overall. The threat of trade taxes came from the dispute over Airbus subsidies. The good news is that this seems to recognize that increasing taxes on US companies and consumers at the moment is not a great idea. That might have a bearing in trade discussions with China.

Topics covered include the consequences of the unprecedented mix of monetary and fiscal policy, what the policy environment will look like in a post-COVID-19 world, factors driving risk assets, a macro outlook and more. Featured are Jason Draho, Head of Asset Allocation Americas, from the UBS Chief Investment Office, as well as Rick Rieder, Chief Investment Officer of Global Fixed Income at Blackrock and Head of the Global Allocation Investment Team. Rick is also a member of the UBS Research Advisory Board. Host: Daniel Cassidy

Today we turn our focus back to fixed income and discuss what investors need to consider in order to achieve higher yield. We also discuss an outlook for rates, how to be allocated within the asset class and more. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas from the UBS Chief Investment Office. Host: Daniel Cassidy

UK GDP fell a lot in the second quarter (how much is not terribly important, as the data will have to be revised). Financial markets are not very surprised. Industrial production rose quite a lot in June, also not a surprise.

Today we discuss what the future might bring in terms of US tax policy and how to plan accordingly. Featured are Ainsley Carbone, Total Wealth Strategist Americas, and Justin Waring, Investment Strategist Americas from the UBS Chief Investment Office. Host: Daniel Cassidy

The UK's BRC retail sales numbers were released. They still publish data with decimal points, which is unrealistically precise. However, the trend was of further increases in retail sales, focused on consumer durable goods. This pattern is likely to be repeated in other countries, as savings acquired in lockdown are spent in the bounce-back.

Today we turn our focus back to the US energy industry and explore the prospects for consolidation within and whether the current environment is supportive for such activity. Featured are Nicki Decker, Energy Analyst Americas, and Jay Dobson, Utilities and Energy Infrastructure Analyst Americas from the UBS Chief Investment Office. Host: Daniel Cassidy

US President Trump signed four executive orders over the weekend, which included an additional USD 400 unemployment benefit and the suspension of the payroll tax. Members of both the Republican and Democrat parties have suggested this is unconstitutional. That uncertainty is very important to the economic impact.

It?s Friday and that means it?s time for the week in review and preview. Today's discussion: the latest key jobs data from the US Labor Department, the ongoing dynamics between the US and China, updates on a potential Phase 4 stimulus bill and a preview of what?s coming up next week. Guest: Brian Rose, Senior Economist for the UBS Chief Investment Office. Host: Griffin Marie.

The latest UBS Investor Watch and Investor Sentiment surveys have been released. In them we discuss two very big topics: the global impacts of COVID-19 and the upcoming US election. What were some of the results from survey participants when asked questions about both of these topics? We find out about that and what you can do when it comes to managing your investment portfolio. Guest: Alicia Curry, Global Head of Thought Leadership for UBS. Host: Anthony Pastore.

US President Trump remains deeply concerned about the national security implications of the Chinese government obtaining the secret of how to perform the TikTok wipe-down challenge. An executive order banned US companies from doing business with the video app, with a similar order for the WeChat app. The direct economic impact is limited. The concern is that this may threaten the economically significant trade deal.

The US-China cycle of rising and falling tensions continues. The US remains fearful of the national security implications of China learning the latest TikTok dance meme. China has said that despite this, there is no "new Cold War". Markets continue to ignore the noise.

The US and China are to meet to review the phase one trade deal in the middle of the month. Global trade has been significantly disrupted, and the targets set in the deal have not been met. Markets are keen for the deal to continue ? the US government imposing more taxes on US companies in the middle of a pandemic would generally be considered a bad thing.

Ann Rybak, Head of the UBS Family Office Solutions Group, holds a fireside chat with Grant Thompson, Head of Alternative Capital Solutions within the UBS Investment Bank. In his mandate, Grant works with asset managers, pension funds and sovereign wealth funds as they deploy capital into public and private businesses. This podcast will be practically relevant for our business owner clients, who would like a broader understanding of the investor class. Alternative investment strategies are investment vehicles that are formed by professional money managers to afford them greater flexibility to manage money in any market environment. These strategies typically have flexibility regarding the types of securities in which they can invest (e.g., options and futures contracts), the types of positions they can take (e.g., long and short positions) and the amount of leverage they are permitted to employ. A professional money manager can use these and other techniques to modify market exposure and create portfolio characteristics that may be desirable for certain clients (e.g., reduced correlation to financial markets, potential lower volatility, and better performance in "down" markets). This flexibility can add value when used skillfully. This flexibility does, however, add additional elements of risk and complexity, including that alternative investments are often long-term, illiquid investments that are not easily valued. Note that due to the nature of alternative investments, the risk and return assumptions used in this analysis may tend to overstate potential benefits but not fully reflect potential risks with respect to those investments.