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Investment Outlook

Macro market monitor

Saira Malik
Chief Investment Officer
Macro market monitor gauge

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 information to evaluate periodic changes in conditions, prioritize research and drive dialogue that ultimately results in better informed portfolio strategy. 

Inflation: trailing inflation remains elevated, and forward-looking inflation expectations have started to climb lately. 

US Monetary Policy: Generally restrictive given the level of the Fed Funds Rate, and the impact higher rates is having overall on financial conditions. 

Economic Activity: Robust, but consumer expectations continue to decline. 

Employment: Healthy, with jobless claims and job openings near their respective 20-year lows and highs. The unemployment rate marginally rose in October but remains well below the long-term average.

Investor Sentiment: Mixed, with individual investors reflecting more optimism than the overall investor community. 

US Equity Fundamentals: While positive earnings revisions are a plus, and index-level valuations have improved, below-median expected earnings growth warrant caution. 

Nuveen Macro Market Monitor chart
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