On the final episode of Viewpoints for 2024, Burkhard reflects on what has been a busy year, spanning market and macro developments, along with shares expectations for 2025.

As 2024 comes to a close, the CIO Fixed Income team reflects on performance across sub-sectors (including Municipals, Investment Grade, and Preferreds), and share expectations for the year-ahead. Plus, thoughts on positioning across the broader asset class. Featured are Leslie Falconio, Head of Taxable Fixed Income Strategy Americas, Sudip Mukherjee, Senior Municipal Strategist Americas, along with Senior Fixed Income Strategists’ Barry McAlinden and Frank Sileo, from the UBS Chief Investment Office.

Our series of year-ahead conversations continue with a look at performance expectations and themes in focus for the US healthcare sector in 2025. We also spend time reviewing sub-sector preferences, along with reflect on sector performance over the past year. Featured is Eric Potoker, Healthcare Analyst Americas, UBS Chief Investment Office. Host: Daniel Cassidy

US consumer price inflation data is due for November. These numbers are something of a mess. A quarter of the index is a fantasy price no one pays. Income inequality means the average price is less representative of most US households’ experience. The threat of taxes on US consumers from the next administration means this inflation data is not necessarily a good guide to 2025 trends.

In this special edition of the CEO Macro Briefing Book series, Paul Hsiao outlines some of the top questions on the minds of business owner clients as we head into 2025. Featured is Paul Hsiao, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

China’s consumers have been unenthusiastic, and exports are not necessarily dependable. Yesterday, China’s politburo signaled additional monetary and fiscal stimulus would be forthcoming. If US President-elect Trump taxes US consumers of goods from China, that may be a convenient excuse for China to cut taxes for its consumers.

Despite the emergence of growing global political risks in recent days and weeks, markets and investors appear to be unfazed - Jason offers thoughts as to why that’s the case. We also reflect on the November employment report, and what the state of the US labor market today might mean for monetary policy near-term. Plus, a look at CIO’s current market outlook and positioning views. Featured is Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office. Host: Daniel Cassidy

US President-elect Trump gave a wide ranging interview, touching on several points that matter to investors. Trump seemed to acknowledge the independence of the Federal Reserve (the chair cannot be dismissed on presidential whim). This will reassure markets. Investors may, however, be concerned by the determination to deport migrants established in the US economy.

As we close out another trading week, Mike Gourd drops by to recap the latest employment data, along with the remarks from several Fed officials this past week, including those of Chairman Jerome Powell. Plus, a look at what investors should expect in the week ahead. Featured is Mike Gourd, Asset Allocation Strategist Americas, UBS Chief Investment Office. Host: Shiavon Chatman

US employment report Friday looms, when markets get excited about what an unreliable survey tells us about the economic outlook. The aftermath of strikes and hurricanes adds a lot of uncertainty to this report, and there is not really a consensus expectation for employment growth—just a wide range of random expectations. The forward guidance of this report is also diminished. Whatever the trends in employment, US President-elect Trump is proposing policies that might mark a structural break in employment conditions (most obviously deportations and tariffs).