Market Commentary

Market Analysis

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Bob Doll, CFA

Bob Doll’s Ten Predictions for 2017:

Implications for the economy, financial markets and investment positioning.
Bob Doll, CFA


Municipal Market: Technicals
Override Solid Fundamentals

Co-Head of Fixed Income John Miller comments on the municipal markets over the past quarter.
John Miller, CFA

Date DocumentAuthorAudienceSubscribe
12/15/2017 Economic and Financial Market Review and Outlook -- Keith Hembre's monthly outlook on the economy and financial markets. Keith Hembre Investor Subscribe
12/13/2017 The December Fed Meeting: Yellen Goes Out Hiking -- We decode the Fed’s comments and offer views about what Fed policy means for the markets. Investor
12/12/2017 Positioning bond portfolios for rising interest rates -- Strategies that offer diversified, actively managed exposure to a range of fixed-income securities may be best positioned to withstand the potential impact of rising rates. Investor
12/11/2017 Weekly Fixed Income Update: Geopolitical Issues Push U.S Treasury Yields Higher -- U.S. Treasury yields moved slightly higher for all maturities last week, led by 5-year maturities. John Miller, Tony Rodriguez Investor Subscribe
12/11/2017 Weekly Commentary: The Year Ahead: Optimistic for Now, But Risks Are Rising -- We would grow increasingly cautious if equity prices continue to rise over the first part of next year, as valuations would likely become more stretched. Bob Doll Investor Subscribe
12/8/2017 Municipal Bond Market Update_presentation -- Overview of recent developments in the municipal bond market. John Miller Advisor
12/5/2017 Preferred Securities in Institutional Portfolios -- Institutional investors often overlook this hybrid asset class, but we find it attractive from fundamental, technical and valuation perspectives. Doug Baker, Brenda Langenfeld Investor
12/5/2017 Fixed Income Perspective: Preferred Securities -- A primer on Preferred Securities. Doug Baker, Tony Rodriguez Investor
12/4/2017 Senate Passes Tax Reform, Bringing Municipals into Focus -- We identified key components of the Senate and House proposals that may affect the municipal market should they be part of a final package. Shawn O'Leary Investor
11/28/2017 Why It’s Not Your Grandma’s Bond Market Anymore -- We believe a bond portfolio that includes non-index sectors has the potential to offer the best risk/return profile. Paul Blomgren Investor
11/20/2017 MuniNotes: SALT in the Wound for Municipals? -- Learn more about municipal credit trends from our municipal credit research team. John Miller Investor Subscribe
11/17/2017 Insights Commentary -- Keith Hembre's economic insights and investment opportunities in various asset classes. Keith Hembre Investor
11/7/2017 Municipal Bonds: Staying the Course Usually Benefits Investors -- Analysis of the last three periods of municipal market volatility suggests that investors that stay the course may benefit from their patience. Chris Barron Investor
10/27/2017 The Many Flavors of Yield -- How does a fund’s SEC yield differ from the dividend yield? Cadmus Hicks Investor
10/26/2017 A Long Road Ahead for Puerto Rico -- Puerto Rico’s situation has dramatically changed from a financial to humanitarian crisis. However, many open questions and unresolved issues remain for Puerto Rico’s creditors. Molly Shellhorn Investor
10/20/2017 Why Institutionally Managed Municipal Bond Portfolios? -- Market changes call for sophisticated municipal advice and market access. Mike Davern, Purva Patel Investor
10/19/2017 Chart Talk: Opportunities in Municipal Bonds Flip Book: 3Q 2017 -- Leading the Way in Municipal Bonds: The What, Why and How of the Municipal Markets John Miller Investor Subscribe
10/19/2017 Taxable Fixed Income Outlook: Bond Yields Challenge the Search for Income -- In this environment, bond investing would benefit from actively managed fixed income strategies to balance portfolios. Tony Rodriguez, Paul Blomgren Investor Subscribe
10/18/2017 Municipal Market: Credit Selection Is Key -- Co-Head of Fixed Income John Miller comments on the municipal markets over the past quarter. John Miller Investor Subscribe
10/17/2017 Positioning Equity Portfolios for When Rates Rise -- While rising rates may contribute to stock market volatility, they also may create investment opportunities—especially if investors stay selective. Bob Doll, Jim Boothe, Saira Malik Investor
10/13/2017 2017 Investment Outlook - Ten Predictions from Bob Doll (presentation) -- Bob Doll of Nuveen Asset Management provides his 2017 outlook and Ten Predictions along with key themes for investors today. Bob Doll Investor
10/11/2017 Ten Predictions for 2017 3Q Update: We Expect More of the Same. And That's Good for Stocks. -- Bob Doll updates his Ten Predictions for 2017, provides his economic and market outlook and suggests themes investors may want to consider. Bob Doll Investor
10/11/2017 Municipal Market Recap and Outlook -- Economic outlook with information concerning our economy, along with inflation, interest rates, municipal bond supply and demand, and credit conditions. Cadmus Hicks Investor Subscribe
10/9/2017 Equity Markets: Global Equities Still Offer Upside Potential -- Head of Equities David Chalupnik comments on the equity markets over the past quarter. David Chalupnik, Gordon Telfer Investor Subscribe
9/21/2017 Considering REITs for the Long Term -- How do REITs perform when interest rates rise? The answer is more nuanced than people expect. James Clark Investor
9/20/2017 The Fed's Incredible Shrinking Balance Sheet -- Fed Chairman Janet Yellen discusses timing for reducing the Fed's balance sheet and outlook on the economy and interest rates. Brian Nick Investor
9/20/2017 Municipal Market: How Rates Rise Matters -- In prior rising rate environments, various parts of the municipal yield curve reacted differently based on economic conditions and the pace and scale of Fed activity. Chris Barron Investor
9/15/2017 Florida Municipal Bonds Expected to Weather the Storm -- While it is far too early to fully assess the damage, we believe Florida’s municipal obligations should remain strong. Molly Shellhorn, Brenda Ojendyk Investor
9/12/2017 Are States Collecting Their Fair Share of Taxes? -- A changing American economy may require a modernized muncipal taxation system. Shawn O'Leary Investor
8/30/2017 Beyond Duration: Comparing Taxable Bond Funds -- Understanding what’s in a bond fund is important to building effective portfolios. Paul Blomgren Investor
8/30/2017 State of the States: New York -- New York State has a wide array of tools at its disposal to adapt and to maintain financial stability. Glen Anderson Investor
8/28/2017 Weathering the Storm: Municipal Bonds Should Remain Strong -- While it is far too early to fully assess the damage wrought by Hurricane Harvey, we believe the municipal obligations of states and communities affected by the storm should remain strong. Shawn O'Leary Investor
8/24/2017 Municipal Bankruptcy: A Primer on Chapter 9 -- Understand the key components of Chapter 9, state actions to deter future filings and circumstances of recent municipal bankruptcy filings. Beth Dougherty, Kristen DeJong Investor
8/14/2017 Fixed Income Investing in a Reduced Liquidity Environment -- Impaired liquidity can hurt performance and disrupt access to investment proceeds, making it an important concern for some investors. Paul Blomgren, Chris Neuharth Investor
8/10/2017 The Commonwealth of Pennsylvania: A Balancing Act -- Pennsylvania has persistently struggled to pass a timely budget for much of the past decade. Brenda Ojendyk Investor
8/7/2017 Waiting to Extend: A Forward-Looking Approach to Fixed Income Investing -- This report provides investors and their advisors with a tool for quantifying the consequences of delaying one’s purchase of long-term bonds and for setting a target that interest rates must reach to justify such a delay. Cadmus Hicks Investor
8/7/2017 Fixed Income Perspective: Treasury Inflation Protected Securities -- TIPS’ complexities require examination, but they may benefit a long-term diversified portfolio. Tony Rodriguez Investor
7/27/2017 Despite Passing a Budget, Illinois' Fiscal Challenges Remain -- Illinois' historic two- year budget impasse ended on July 6, but headline risk and pricing volatility will continue to be risks of investing in Illinois credits. Molly Shellhorn Investor
7/17/2017 Is High Yield High Risk? A Primer on Municipal High Yield -- Many misunderstand high yield muni issuers, thinking they must be in financial distress. Mike Davern Investor
7/14/2017 2017 Investment Outlook - Ten Predictions from Bob Doll (ML presentation) -- Bob Doll of Nuveen Asset Management provides his 2017 outlook and Ten Predictions along with key themes for investors today. Bob Doll Investor
7/13/2017 California: A Comeback Credit -- California’s credit improvement and rating upgrades were driven by surging revenues, controlled expenditures and improved governance. Lori McDonald Investor
7/5/2017 Mid-Year Economic and Investment Outlook: Time to earn it (retail version) -- Mid-Year Outlook by Brian Nick, CAIA, Chief Investment Strategist, TIAA Investments Brian Nick Investor
7/5/2017 Mid-Year Economic and Investment Outlook: Time to earn it (institutional version) -- Mid-Year Outlook by Brian Nick, CAIA, Chief Investment Strategist, TIAA Investments Brian Nick Advisor
6/30/2017 Capturing Opportunities in International Equities -- Peter Boardman, Chris Semenuk and Reed Walters discuss current investment opportunities in international equities and highlight their individual investment philosophies. Peter Boardman, Chris Semenuk, Reed Walters Investor
6/27/2017 The Case for Investing in U.S. Municipal Bonds -- Why is non-U.S. and domestic investor interest in muni bonds growing? Investor
6/27/2017 10 Predictions for 2017: Mid-Year Update -- Bob Doll provides a mid-year update and scorecard for his 2017 10 Predictions Bob Doll Investor
6/14/2017 Global Infrastructure: Listed Securities Offer Opportunities -- Private funding has transformed infrastructure from something that consumes tax dollars to a potential investment opportunity. Investor
6/5/2017 The Markup Rule for Municipal Bonds -- An MSRB rule now requires dealers to post markup information on the confirmations of non-institutional customers. Cadmus Hicks Investor
5/26/2017 Staying Positive on Equity Market Neutral -- Equity Market Neutral strategies may be a compelling option for investors and are less complicated than many believe. Bob Doll, Scott Tonneson Investor
5/25/2017 Connecticut’s Fiscal Struggles Continue -- Connecticut continues to grapple with budget deficits despite multiple sizable tax hikes. Glen Anderson Investor
5/22/2017 Where Are We in the Credit Cycle? -- Is the current credit cycle ending? We say no. Doug Baker, Tony Rodriguez Investor
5/9/2017 Understanding Land-Secured Municipal Bonds -- Development has resumed in some land-secured projects that were stalled during the real estate downturn. Philip Traven, Tom Berry, Ryan Rosberg, Ellen Rossi Investor
5/5/2017 Puerto Rico’s Long-Anticipated Debt Restructuring Begins -- Puerto Rico’s Fiscal Oversight Board submitted a Title III petition, pursuant to PROMESA passed by Congress in 2016. Molly Shellhorn, Shawn O'Leary Investor
5/1/2017 Trump's First 100 Days: Fundamentals -- not politics -- likely to drive markets in 2017 -- Commentary from Brian Nick, Bob Doll, John Miller, and Bill Martin Bob Doll, John Miller, Brian Nick Investor
4/28/2017 Get Real With Income-Producing Real Assets -- Real assets may serve as a non-traditional source of income. Matthew Weyandt Investor
4/19/2017 Can Active Management of Fixed Income Portfolios Add Value? -- Can active management of fixed income portfolios produce higher total returns than simply buying and holding bonds? Cadmus Hicks Investor
4/18/2017 Target-date funds: Improving diversification with direct real estate -- Incorporating direct real estate investments in target-date funds offers the potential to enhance diversification, reduce volatility, and improve outcomes. Advisor
4/18/2017 Clean and green fixed income: Bright prospects despite power shift in Washington -- Stephen M. Liberatore, CFA, explains why compelling opportunities in clean energy, including "green bonds," are expected to continue despite policy changes under the Trump administration. Stephen M. Liberatore Investor
4/12/2017 Why Responsible Investment Is Here to Stay -- Amy O’Brien looks at the main growth drivers behind responsible investment and some key themes that she expects to emerge over the coming year Amy O'Brien Investor
4/11/2017 Brexit: What Does it All Mean? -- What has happened with Brexit thus far, and what recent events may mean for the future of Britain’s relations with Europe and the world. Gordon Telfer Investor
4/4/2017 Bonds Add Balance -- We continue to advocate a diversified portfolio through changing rate environments. Tony Rodriguez Investor
4/3/2017 2017 Second Quarter Outlook -- Second Quarter Economic and Market Outlook by Brian Nick, CAIA, Chief Investment Strategist, TIAA Investments Brian Nick Investor
3/23/2017 Small Cap Equities: More Reasons to Invest -- While valuations are no longer a reason to buy small cap stocks, we see other, more compelling reasons. Gordon Telfer, David Johnson Investor
3/15/2017 March FOMC Reaction: the Fed Marches On -- The Fed raised the fed funds rate 0.25% at the March meeting. Learn about our perspective. Investor
3/15/2017 How Old Is Your Pension Plan? Matching Pension Investing to Plan Demographics -- By focusing on the specific segments of the liability (retirees, vested terminees, and active employees), plan sponsors can design a portfolio that invests in liability-hedging assets where they will be most effective and in return-seeking assets where their risk will have the least impact. David Wilson, Evan Inglis Investor
3/13/2017 TIAA-CREF Real Estate: The Impact of Rising Interest Rates -- U.S. commercial real estate and the impact of rising interest rates Advisor
3/10/2017 Is High Yield High Risk? What Investors Should Know (presentation) -- What investors should know when seeking yield in the municipal market Mike Davern Advisor
3/8/2017 Will Sanctuary Cities Suffer? -- Should sanctuary cities fear executive orders that include provisions to strip federal funding from state and local governments? Shawn O'Leary Investor
3/7/2017 How Risky is Your Senior Loan Fund? Standard Deviation May Fool You! -- Investors often assume that risk and volatility are positively correlated. Given that a major risk many people fear today is liquidity, especially for mutual funds, investors may benefit from turning traditional thinking about the relationship between volatility and risk for senior loan funds on its head. Investor
2/28/2017 Municipal Bond Market: The Aftermath of the U.S. Election -- What has happened in the municipal bond market since the November 2016 election? Investor
2/27/2017 Spendthrifts or Penny Pinchers? -- Consider these common misconceptions about state and local government finances. Shawn O'Leary Investor
2/27/2017 What Makes Active Equity Management Successful -- We may be at the cusp of a better environment for active management—if investors know what to look for. Bob Doll, Scott Tonneson Investor
2/14/2017 The Case for Loans -- What are floating rate loans? Also commonly referred to as “senior secured loans” or “bank loans”, floating rate loans are made by large commercial or investment banks to generally below-investment grade corporations for the purpose of financing operations. Investor
12/22/2016 Simulating the Effects of Rising Rates on Municipal Bond Returns -- For investors with a longer time horizon, higher interest rates may mean better total returns Cadmus Hicks Investor
12/22/2016 The Benefits of High-Quality in an Uncertain Environment -- An outlook and review of key themes for 2017. Investor
12/22/2016 Fixed Income in a Rising Rate Environment -- Rising rates do not necessarily mean negative total returns for bond portfolios. Tony Rodriguez Investor
12/20/2016 2017 Outlook - Ups, Downs and Opportunities -- Investment leaders share what to expect in the year ahead. Bob Doll, Doug Baker, Gunther Stein, Jay Rosenberg, Jim Boothe, John Miller, Jonathan Spencer, Justin Kelly, Tony Rodriguez, Phyllis Thomas, Jim Stephenson, Marc Snyder Investor
12/19/2016 New Jersey: Why the Garden State is Under Scrutiny -- New Jersey has been under scrutiny due to fiscal challenges, and current events validate the market’s concern. Beth Dougherty, Kristen DeJong Investor
12/13/2016 Do Tax Rates Affect Municipal Bond Pricing? -- Is the prospect of tax reform responsible for the relative cheapening of municipal yields? Cadmus Hicks Investor
12/7/2016 Still Room to Grow When Dividend Growth Slows -- As the pace of growth reverts back to what may be more sustainable levels, investors seeking income may need to be additionally selective in their approach for dividend growth. Investor
6/15/2016 Long Bonds for the Short Run -- Will the supply of long corporate bonds be sufficient to meet demand for corporate pension funds? David Wilson, Evan Inglis Investor

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Market Analysis contains informational and educational materials, economic and market commentaries, opinion pieces, and other materials relating to financial matters. Market Analysis is provided for general informational purposes only. Such materials are not intended to constitute an offer, solicitation, recommendation or advice regarding any securities, funds or investment strategy. Materials are current as of the date indicated on each piece, and such materials may become outdated or otherwise superseded at any time without notice to you.

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