UBS On-Air

US Treasury Secretary Mnuchin has asked the US Federal Reserve to hand over cash. The US Federal Reserve has indicated that it thinks it might be better to use the money for stimulus purposes. Given that there are increased restrictions on the US economy, economists are inclined to side with the Fed. Markets prefer it when policy exhibits joined up thinking?this situation is not joined up and shows limited evidence of thinking.

Markets have not heard from ECB President Lagarde for 24 hours. There is no need to fear for the President's wellbeing?two speeches are scheduled today. While a lot can happen in 24 hours in 2020, it seems unlikely that the ECB president will need to change the outlook from the comments made on Tuesday, Monday, or several times last week.

In the wake of some notable developments over the past few weeks, we examine how fixed income assets have performed, what the anticipated composition of government might mean for treasury yields, how to think about allocation heading into year-end and more. Featured is Leslie Falconio, Senior Fixed Income Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

The UK prime minister will announce a GBP 12bn green industrial revolution; around GBP 4bn seems to be new money. The fourth industrial revolution is also green, e.g. if people work from home rather than in resource-inefficient offices. This is the "hug a tree to hug Biden" strategy that other leaders will surely follow ? sustainability is a way to access the incoming US administration.

Open enrollment season is in full swing, and while it may feel daunting, it is important to have a complete understanding of the options you have available and how it all fits within your longer-term financial plan. Featured is Ainsley Carbone, Total Wealth Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Today is dominated by US data. ECB President Lagarde is speaking (it seems that on any day when the sun rises in the east, ECB President Lagarde feels compelled to speak). The focus is the US consumer, with retail sales due. The forecast range has these rising a lot, falling a lot, or something in between.

As investors now have clarity with respect to a couple of key longstanding uncertainties, we explore the uncertainties that remain in focus along with whether the recent rally in risk assets is justified. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host Daniel Cassidy

Today we discuss what makes a Health Savings Account such a unique savings vehicle and how to determine whether an HSA is the right fit for you. Featured is Ainsley Carbone, Total Wealth Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

Fifteen Asian economies have agreed to a preferential trade deal?the RCEP?which will raise relative trade barriers to the rest of the world (by cutting trade taxes amongst themselves). The US faces three relative barriers to trade with Asia?the RCEP, failing to join the TPP, and US trade taxes on domestic companies. The RCEP does not tackle regulation (the biggest obstacle to trade) but does simplify regional trade agreements, which is positive.

On this podcast we like to showcase the UBS House View recommendations versus those of our colleagues from partner asset manager firms. We also touch on timely macro developments and discuss how global markets and asset classes are being impacted. Today we focus on the outcome of the recent US election, as well as some notable developments on the COVID-19 vaccine front, and the implications of both to markets, economic growth and portfolios. Featured are Jason Draho, Head of Asset Allocation Americas for the UBS Chief Investment Office, and Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team for JPMorgan Asset Management. Dr. Kelly is a member of the UBS Research Advisory Board. Host: Daniel Cassidy

We check in with the UBS US Office of Public Policy to discuss the latest developments within the beltway and beyond. Our conversation today will focus on how our leaders have been honoring our veterans, the early makings of the Biden administration, where key congressional races stand, how the government plans to distribute COVID-19 vaccines and more. Featured is Shane Lieberman, Federal Affairs Manager, UBS US Office of Public Policy. Host: Daniel Cassidy

We recap a headline-driven week, taking a look at the rally in U.S. equities after COVID-19 vaccine and election news, risk factors and positioning going forward, and a preview of the week ahead. Featured is Mike Gourd, Investment Associate, UBS Chief Investment Office. Host: Griffin Marie

More restrictions on economic activity were announced on both sides of the Atlantic. French restrictions are extended by two weeks. This does matter, for while restrictions generally mean consumption now is just delayed to consumption at a later date, the pre-Christmas period is disproportionately important to consumption. Consumption patterns also shift?not spending on drinks at a Christmas party translates in to the purchase of new furniture, etc.

Today we turn our focus back to thematic investing and discuss what the election outcome means for a variety of investment themes, spanning healthcare to technology to sustainability. Featured is Michelle Laliberte, Thematic Investing Associate Americas, UBS Chief Investment Office. Host: Daniel Cassidy

More mild restrictions on economic activity have been imposed in New York. A move to increase the severity of restrictions would be a cause for market concern. Fiscal support for US households meant that first half lockdowns shifted some consumption into the third quarter. The absence of that fiscal support now means new restrictions may cut consumption and increase savings.