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The Fed’s Incredible Shrinking Balance Sheet

The Fed left its target interest-rate range unchanged at 1.00%-1.25% on Wednesday, as expected, but still plans a third rate hike this year. The 2017 economic growth forecast increased modestly to 2.4%, while estimates for inflation and unemployment fell slightly. In October, the Fed will begin reducing its balance sheet of Treasury and mortgage-backed securities in its efforts to gradually normalize rates. Shrinking the balance sheet should put only moderate upward pressure on long-term interest rates. We expect a Fed rate hike in December and two more increases in 2018.

Global equities roll on

Brian Nick, Chief Investment Strategist, TIAA Investments

Clean and green fixed income

Stephen M. Liberatore, CFA, Lead Portfolio Manager, Responsible Investment Fixed Income Strategies, TIAA Investments

Mid-Year Economic and Investment Outlook: Time to earn it

Brian Nick, Chief Investment Strategist, TIAA Investments

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