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Looking at the big picture
The Macro Dashboard provides a quantitative snapshot of the state of the U.S. economy and markets. With a consistent scorecard, investment committees can use this tool to evaluate periodic changes in conditions, prioritize research and drive dialogue that ultimately results in better informed portfolio strategy.
Inflation: Inflation expectations remain relatively elevated, and we remain cautious on future inflation data.
U.S. monetary policy: U.S. monetary policy remains relatively unchanged, with the fed funds rate and financial conditions staying generally consistent despite recent rate cuts. We expect some additional easing in 2026.
Economic activity: Economic activity remains mixed, but consumer expectations have remained depressed. Economic data has generally beaten expectations, leading to the economic surprises variable to strengthen.
Employment: Employment has started to show some cracks. We will continue to monitor the employment situation carefully as post-government shutdown data emerges.
Investor sentiment: Investor sentiment has marginally improved, but it remains broadly suppressed for both individuals and broad investors.
U.S. equity fundamentals: U.S. equity fundamentals remain mixed. While price to earnings ratios remain extremely elevated, revisions to earnings have been relatively positive.
Nuveen Macro Market Monitor informs our discussions
| Positive | Neutral | Negative |
| Category | Gauge | Percentile Rank (vs Past 20 Years, Higher Rank = Potential Headwind to Markets) |
|---|---|---|
| Inflation | Long-term inflation expectations | 45 |
| U.S. Monetary Policy | Fed funds rate | 74 |
| Financial Conditions | 10 | |
| Economic Activity | Consumer expectations | 90 |
| Household debt service ratio | 25 | |
| Housing starts | 45 | |
| Economic Surprises | 12 | |
| Employment | Jobless claims | 27 |
| Job openings | 31 | |
| Investor Sentiment | Broad investor sentiment | 88 |
| Individual investor survey | 67 | |
| U.S. Equity Fundamentals | S&P 500 forward price to earnings ratio | 91 |
| S&P 500 forward expected earnings growth | 13 | |
| Revisions to expected earnings | 15 | |
|
Data source: Bloomberg, L.P., as of 04 February 2026. Performance data shown represents past performance and does not predict or guarantee future results. The views above are for informational purposes only and do not reflect the experience or performance of any Nuveen product, strategy or service. The color scale is based on each metric’s percentile rank as compared to its 20-year average. A lower percentile ranking indicates a positive or less of a concern to its impact on the economy while a higher percentile ranking indicates a negative or more of a concern to its impact on the economy. Green: 1st-33rd percentile; Yellow: 34th-67th percentile; Red: 68th-100th percentile. Representative indexes: long-term inflation expectations: U.S. 5yr 5yr forward breakeven; fed funds rate: federal funds target rate - upper bound; financial conditions: GS U.S. Financial Conditions Index; consumer expectations: U of Michigan Consumer Expectations Index; household debt service ratio: household debt payment as % of disposable income; housing starts: U.S. new privately owned housing units started by structure total SAAR; economic surprises: Citi U.S. Economic Surprise Index; jobless claims: U.S. initial jobless claims SA; job openings: U.S. job openings by industry total SA; broad investor sentiment: Morgan Stanley Market Sentiment Indicator Signal*; individual investor survey: AAII U.S. Investor Sentiment Bullish Minus Bearish Readings; S&P 500 forward price to earnings ratio: S&P 500 Forward FY1 P/E; S&P 500 forward expected earnings growth: S&P 500 FY1 EPS Growth; revisions to expected earnings: S&P 500 3-Month Change in FY1 EPS.* *Less than 20 years of history. |
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