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

Inflation: Trailing inflation, although elevated, continues to decline. Forward-looking inflation expectations expect inflation to continue to decelerate. 

US Monetary Policy: Still restrictive given the level of the Fed Funds Rate, but financial conditions have loosened as treasury yields have declined, shifting our color code from red to yellow.

Economic Activity: Robust, and consumer expectations have become increasingly optimistic. 

Employment: Healthy, with jobless claims historically low and job openings well above its long-term average. Some cracks may have started to appear in employment data, but only marginally so.

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

US Equity Fundamentals: The ongoing rally in equities has driven forward P/E ratios to even higher, causing valuations to become markedly expensive. 

Nuveen Macro Market Monitor chart
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