WILLIAM RIEGEL, CHIEF INVESTMENT OFFICER, TIAA ASSET MANAGEMENT
November 25, 2015
The 10-year Treasury yield hovered around 2.25% during the week and has stayed in a range between 2.24% and 2.34% for most of November. As with U.S. equities, fixed-income markets were mostly uneventful, although Treasuries fared slightly better than investment-grade spread sectors, high-yield corporate bonds, and emerging-market debt.
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The government raised its estimate of third-quarter GDP growth from 1.5% to 2.1%, in line with our expectations. Details of the report showed that a strong upward revision in inventory spending more than offset small downward revisions in other spending categories.
Among the other reports:
Supported by some positive economic reports, the S&P 500 Index continues to move higher in spite of recent geopolitical tensions in the Middle East. Domestic companies with greater international exposure are doing better, bolstered by improving overseas economies. In the Eurozone, for example, a gauge of manufacturing and service-sector activity enjoyed its fastest rate of growth in more than four years. Meanwhile, a slowdown in the dollar’s rise is making U.S. goods more competitive in foreign markets.
The next Weekly Market Update will be published on Friday, December 4.
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Foreign stock market returns are stated in U.S. dollars unless noted otherwise.
Please note that equity and fixed income investing involve risk.
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