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Investment outlook
Macro market monitor
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.
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