--- title: Nuveen Evaluates Economic Growth, Recession Risk description: Nuveen Asset Management evaluates recession risk, large cap equities, market volatility, economic growth. Bob Doll considers what catalyst will move the market. image: http://www.letsassemble.com/hubfs/blog-files/Nuveen_Commentary.png --- [![Assembly Wealth](https://www.letsassemble.com/hs-fs/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png?width=300&height=70&name=Assembly-Wealth-Logo-Orange-500px.png "Assembly Wealth")](https://www.letsassemble.com/) The Money Manager People TM [800-541-7774](tel:+18005417774) [![RESEARCH MONEY MANAGERS](https://no-cache.hubspot.com/cta/default/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5) [![Client Center](https://no-cache.hubspot.com/cta/default/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2) [Home](https://www.letsassemble.com/) WrapManager's Wealth Management Blog When life changes, we can help you thoughtfully respond. [< Back to read another post](https://www.letsassemble.com/wealth-management-blog) # Nuveen Evaluates Economic Growth, Recession Risk Posted by [ WrapManager's Investment Policy Committee](https://www.letsassemble.com/wealth-management-blog/author/wrapmanagers-investment-policy-committee) August 10, 2017 - [Tweet](https://twitter.com/share) [![Nuveen_Commentary.png](http://www.letsassemble.com/hs-fs/hubfs/blog-files/Nuveen_Commentary.png?width=427&name=Nuveen_Commentary.png)](https://www.letsassemble.com/hubfs/MM_Commentary_PDFs/Nuveen-Market-Commentary-Aug-2017.pdf) ## *Risks Appear Tilted to the Upside for Stocks* Although economic data was positive and earnings continued to be strong, U.S. equities were mixed last week. Markets appear to be in a holding pattern, with investors waiting for more news on Federal Reserve balance sheet normalization and tax policy. For several months, volatility has remained low while equity prices have grinded unevenly higher. This has prompted many investors to look for signposts that could cause a change in direction. Possible dangers could include the end of emergency zero-interest-rate policies, high global debt levels, slow productivity growth or political instability caused by such issues as widening income inequality or rising protectionism. Read an excerpt of the complete commentary below, or [download the entire investment commentary as a PDF](https://www.letsassemble.com/hubfs/MM_Commentary_PDFs/Nuveen-Market-Commentary-Aug-2017.pdf). ## Key Points: - Investors are waiting for a catalyst that could cause a sustained positive or negative breakout in equity markets. - Risks appear relatively balanced to the upside and downside, but we think equity markets will likely continue grinding higher. [![Learn More About Nuveen Asset Management](https://no-cache.hubspot.com/cta/default/10700/da50c6cb-931f-424d-b42c-718456bf3b6e.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/da50c6cb-931f-424d-b42c-718456bf3b6e) **The odds of a recession appear low, but so does a significant acceleration in growth**. The regulatory environment is loosening, consumer spending appears solid and jobs growth remains strong. As such, we do not expect a recession any time soon. At the same time, however, we see no catalyst to push the economy into a higher gear unless the White House and Congress make progress on their pro-growth agenda. **Active large cap equity managers continue to enjoy solid results.** This group had another strong month in July, with 58% of managers outperforming their benchmarks. This marks the fifth consecutive month of out-performance, the best streak since 2009. [Download Nuveen Asset Management's latest commentary](https://www.letsassemble.com/hubfs/MM_Commentary_PDFs/Nuveen-Market-Commentary-Aug-2017.pdf), or read a previous post from Nuveen - [Economic Data Offers Mixed Signals](https://www.wrapmanager.com/wealth-management-blog/nuveen-decodes-economic-data-june-2017). To learn more about [Nuveen Asset Management](http://www.wrapmanager.com/money-manager-research/nuveen_asset_management) and other Money Managers, give us a call at 1-800-541-7774 or [contact us here](https://www.wrapmanager.com/contact) to speak with a knowledgeable Investor Consultant. **[![PDF Download](http://www.wrapmanager.com/hs-fs/hub/10700/file-2346359955-gif/blog-files/pdficon.gif)](https://www.letsassemble.com/hubfs/MM_Commentary_PDFs/Nuveen-Weekly-Commentary-Dec-2016.pdf) **** **[**Download Nuveen Asset Management's Full Commentary**](https://www.letsassemble.com/hubfs/MM_Commentary_PDFs/Nuveen-Market-Commentary-Aug-2017.pdf) ![Research Money Managers](http://www.wrapmanager.com/hs-fs/hub/10700/file-2346359965-gif)  **[Get Free Research Reports on Nuveen Asset Management](https://www.letsassemble.com/money-manager-research/nuveen_asset_management)**   [Economic/Market Outlook](https://www.letsassemble.com/wealth-management-blog/topic/economicmarket-outlook) [Nuveen Asset Management](https://www.letsassemble.com/wealth-management-blog/topic/nuveen-asset-management) [Money Manager Commentary](https://www.letsassemble.com/wealth-management-blog/topic/money-manager-commentary) [![get money manager picks](https://no-cache.hubspot.com/cta/default/10700/d72d98dd-a24b-41d8-9276-e1648f3b09d3.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/d72d98dd-a24b-41d8-9276-e1648f3b09d3) ### Subscribe to Updates [Subscribe to RSS Feed](https://www.letsassemble.com/wealth-management-blog/rss.xml) [![New Call-to-action](https://no-cache.hubspot.com/cta/default/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf) ### Most Recently Published ### Blog Authors [![Gabriel Burczyk](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381761-jpg/Athors_Avatars/Gabe-avatar.jpg "Gabriel Burczyk")](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [**Gabriel Burczyk,**](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [Founder & CEO](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [![Valerie De Vol](http://www.wrapmanager.com/hs-fs/hub/10700/file-2457588837-jpg/Athors_Avatars/Valerie-De-Vol-avatar.jpg "Valerie De Vol")](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol) [**Valerie De Vol, **IACCP® Chief Operating Officer](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol) [![Seton-avatar.jpg](http://www.wrapmanager.com/hs-fs/hub/10700/file-2344519198-jpg/Athors_Avatars/Seton-avatar.jpg "Seton-avatar.jpg")](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews) [**Seton McAndrews, **CFP® ](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)[Vice President - Investments](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews) [![Doug Hutchinson](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381751-jpg/Athors_Avatars/Doug-avatar.jpg "Doug Hutchinson")](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[Doug Hutchinson,](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[CFA® ](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)[Director of Research and Trading](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) ![Katie - square.png](https://www.wrapmanager.com/hubfs/Katie%20-%20square.png "Katie - square.png") [**Katie O'Connor **Director of Client Services](https://www.wrapmanager.com/wealth-management-advisors/katie-oconnor) **Important Disclosure Concerning WrapManager Blogs** Blogs found at this site have been created or supported by WrapManager. 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