South Korea’s trade data for the first 20 days of January showed a decline in exports—there were more holidays this year than last, affecting the data. Chip exports remain strong, but exports to the US, EU, and China all declined.

Will Trump's policy changes lead to near-term market volatility? Can earnings season stay solid amid anticipated market volatility? Will the Bank of Japan resume its rate hiking cycle this week? CIO's Belinda Peeters brings you the latest on this week's market themes.

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

German December producer price inflation is due. This is not normally a major market concern, but as trade taxes and relative competitiveness become more of an issue, this is something investors might pay more attention to. German producer prices moved out of deflation in November.

Amid the woes, where are the opportunities in Europe’s car industry? President-elect Trump has threatened to slap higher tariffs on European carmakers, Chinese competition is intensifying, and demand for autos in Europe is flagging. But it’s not all bad news for investors. Featured is Rolf Ganter, Head, CIO Equities Europe, with co-hosts, Christopher Swann and Belinda Peeters

US Treasury Secretary-nominee Bessent is a more orthodox cabinet nominee. Yesterday’s confirmation hearings saw generally articulate answers. The responses on trade taxes were troubling. Bessent’s idea that an appreciating currency offsets tariffs is not supported by recent evidence. The idea that US workers will not pay trade taxes is wrong. As he’s an intelligent individual, these views may reflect the beliefs of the incoming administration, not Bessent’s understanding.

Our first conversation of the year begins with thoughts around the recent rise in yields, along with where pockets of vulnerability and opportunity exist within fixed income as we enter 2025. Leslie and Ken also spend time sharing their overall outlooks, along with views when it comes to monetary policy, and positioning across the asset class. Featured is Ken Shinoda, Portfolio Manager for RMBS at DoubleLine Capital, and Leslie Falconio, Head of Taxable Fixed Income Strategy Americas with the UBS Chief Investment Office. Host: Daniel Cassidy

Yesterday’s US consumer price inflation data was benign. Consumer durable goods prices fell for a majority of the Biden administration. Although consumers do not focus on such prices when considering inflation, this deflation did boost consumer spending power. The abrupt market response reflects the problem with Federal Reserve Chair Powell’s “data dependency” mantra: any data release (however dodgy) prompts an extreme market response.

Rick rejoins Jason to begin a new year as the two discuss and share their views on the US macroeconomic environment, monetary policy and rates, along with exchange thoughts on allocation preferences across fixed income and equities. Featured are Jason Draho, Head of Asset Allocation Americas, UBS Chief Investment Office, and Rick Rieder, Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team at BlackRock. Host: Daniel Cassidy

US December consumer price inflation should show modest headline gains. It is worth distinguishing inflation pressures and relative price changes. Egg prices are likely to rise sharply—egg producer prices rose 127.9% y/y in December. This is a supply shock. Unless Federal Reserve Chair Powell becomes a chicken farmer, they can do nothing about this.