Macro market monitor

Looking at the big picture

The Nuveen Macro Dashboard provides a quantitative snapshot of the state of the U.S. economy and markets. In times of elevated volatility, it is helpful to see how backward and forward-looking metrics feed into broader predictions and our outlook. With a consistent scorecard, our 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. This list is by no means exhaustive, but contains indicative data on the direction of the economy and inflation, as well as metrics measuring consumers, business confidence and equity earnings.

To read more about how we take these datapoints and build them into our investment analysis, read our latest outlooks.

Macro markets at a glance

Positive Neutral Negative

• Inflation: Inflation expectations continue to climb on energy price shocks, and rates are climbing in response.
• U.S. monetary policy: U.S. monetary policy remains relatively unchanged, with the fed funds rate 25 basis points higher but financial conditions generally consistent. We expect one more hike by year end, ending the quick rate hiking cycle.
• Economic activity: Economic activity remains mixed, and consumer expectations continue to decline. Housing starts have started to improve.
• Employment: Employment has become a bright spot in the economy. Claims half fallen while openings remain robust.
• Investor sentiment: Investor sentiment has broadly improved, but individual sentiment has declined slightly.
• U.S. equity fundamentals: U.S. equity fundamentals have strengthened through earnings season. While price to earnings ratios remain elevated, revisions to earnings have been positive.