UBS On-Air: Market Moves Client Strategy Office

We get fresh evidence on the hedonism of the US consumer, with personal income and spending numbers. The personal consumer expenditure deflator will be the markets’ focus. This is less influenced by the nonsense of owners’ equivalent rent than is consumer price data. There are other notable differences (like motor insurance). Overall, the inflation data is expected to stay steady.

Hear from top portfolio managers and business heads from UBS Asset Management’s Muni, Taxable Fixed Income and Liquidity teams. Together, they provide views on markets and what they believe you should be focused on within the fixed income space.

A monthly check on US equity market performance and positioning considerations with Jeremy Zirin, Senior Portfolio Manager, and Head of the Private Client US Equity Team, and Dominic Schagar, Senior Equity Investment Specialist with UBS Asset Management.

Yesterday equities were a little upset because bonds were a little upset because of weaker demand at a US bond auction. Should investors be upset? This is not a US version of the UK’s Truss debacle. Markets are not disorderly and government policies are not destabilizing. The absolute level of debt is not a concern—many countries (including the US) have had and do have higher debt ratios. The political polarization that prevents a policy for a sustainable deficit is a concern, but is probably more a background worry for now.

We explore the behavior of action bias, including a look at when it might and might not makes sense for one to adjust their investment approach, along with strategies to consider that can protect against the behavior of action bias. Featured are Justin Waring, Senior Total Wealth Strategist, and Katie Williams, Discovery Strategist, from the UBS Chief Investment Office, along with Mark Halloran, Head of Business Development for Individual Markets with Transamerica. Host: Daniel Cassidy

The entertainment from the US Dallas Fed manufacturing survey comments did not disappoint. Several would be met with a disparaging “OK, boomer” if only the TikTok generation read the Dallas Fed manufacturing survey. Today’s anecdotes come in the form of the Federal Reserve’s Beige Book. These comments are indirect quotes, and sanitization reduces entertainment value. Remarks on prices and pricing power are still likely to be investors’ focus.