WEBVTT

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Hi there.

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I'm Neel Mukherjee, TIAA Wealth
Management Chief Investment Officer

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and today I'm excited to share
with you some of the highlights

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from our 2026 outlook.

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This Outlook, “Skating Forward,”

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recaps major themes that
unfolded during 2025—

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a year defined by meaningful shifts
across the global economy.

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It also includes our forward-looking
views on growth, innovation,

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central bank policy, equity and fixed
income markets, as well as several key

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areas of opportunities and risks
we will be monitoring in 2026.

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The market narrative going
forward is likely to be driven

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by five important themes:

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Number one - The transition
to a new era of prolific

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and accelerating innovation and disruption.

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Two - Capital expenditures in both AI-

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and non-AI related areas,
which likely supports economic activity.

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Number three - Government
activism in the private

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sector acts to address
national security concerns.

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Number four - The K-shaped consumer
spending that hinges on the performance

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of AI and the financial markets,
and inflation’s trajectory.

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And lastly - Geopolitical shifts as U.S.

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foreign policy is realigned.

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As markets absorb these
profound changes,

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and adapt to this evolving
global environment,

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we believe investors are
best served by remaining

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anchored to their long-term
investment strategies.

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We hope that our Outlook will
help provide meaningful

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context to what lies ahead
in 2026, and beyond.