Navigating Crosscurrents

Nuveen’s July 2025 update, led by Tony Rodriguez, assesses the Fed’s cautious stance amid tariff-driven distortions and moderating economic momentum.

• The Fed maintained its policy rate at 4.25–4.50%, signaling caution on cuts despite market expectations and downgraded growth language.

• Headline GDP growth rebounded in Q2, but underlying trends point to a slowdown to ~1.0%, with tariff distortions clouding real activity signals.

• Investment opportunities may lie in resilient segments like private real estate, municipal bonds, and senior loans—each benefiting from structural or valuation tailwinds.

How are you positioning fixed income and real assets amid persistent policy ambiguity? Read the full piece for allocation insights.