Nuveen’s CIO Weekly Commentary (8 September 2025), led by Saira Malik and the Global Investment Committee, reviews labor market weakness, Fed policy prospects, and AI-driven equity valuations.
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Labor data: U.S. job openings hit post-2021 lows, unemployment rose to 4.3%, and payroll growth undershot expectations—sharpening the Fed’s case for a September rate cut.
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Tech sector: AI stocks trade at a 30% premium to historical averages, but unlike the dot-com era, robust earnings and massive capex provide support.
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Outlook: AI infrastructure and cybersecurity remain key secular beneficiaries, with double-digit earnings growth expected through mid-2026.
How should investors balance rate cuts with lofty valuations in AI-driven sectors? The full commentary explores the trade-offs.
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