Market commentary and insights
Transamerica Asset Management, Inc. 2025 Market Outlook
The markets, the economy, inflation, and more. Read forecasts for 2025 from Transamerica Asset Management Inc. CIO Tom Wald.
Transamerica Asset Management, Inc. CIO market insights
March Fed meeting: Calm uncertainty encourages bulls and bears
What should we take away from the latest Federal Reserve meeting? “Calm uncertainty” provides a little something for market bears and market bulls alike.
Tariffs rattle stocks: What investors need to know
As the equity markets turn lower in the wake of President Trump’s tariffs, what could it mean for the S&P 500 in 2025?
January Fed meeting: Rate cuts still on the table this year
What should we take away from a very interesting Fed meeting? See our forecasts for interest rates, the 10-year Treasury, and the S&P 500.
Adjusting rate forecast as Fed shifts narrative
Where will interest rates be in a year? Read our analysis and adjusted forecast as the Federal Reserve weighs new economic and inflation data.
Fed remains on course for lower rates
How might a quarter-point rate cut impact fixed income and equity markets in the months ahead? Important analysis for investors to consider.
Post-election market update
What does Trump's win and other election results mean for equity, fixed income markets? Read our new forecasts for stocks, taxes, interest rates, and more.
Elections and the market: Historical perspective and current focus
Does high drama in politics mean high drama for the market? As election day nears, here are the issues and history investors should keep in mind.
Fed cuts rates by .50%: What investors need to know
How will a half-point rate cut impact fixed income and equity markets in the months ahead? Important analysis for investors to consider.
Sector spotlight
The road to small-cap leadership
Could cooling inflation and Fed easing ignite a surge in small-cap stocks? Find out in our latest analysis.
Why municipal bonds now? Attractive yields, an accommodative Federal Reserve, and favorable market conditions
As the Fed eases, can muni bonds remain a haven? Uncover insights navigating market volatility and record issuance in this vital asset class.
Investors sentiment shifts: Why large-cap value is back in focus
Why are some investors reconsidering their exposure to growth stocks and rebalancing portfolios? Our new analysis looks at the move toward value.
Fixed income markets: Month in review — January 2025
What investors need to know about how credit markets and the economy performed in the first month of the new year.
Why short-term bonds now: Compelling returns following a Fed pause
What does history tell us about short-dated fixed income in times like this? Take a closer look at the case for short-term bonds in today's markets.
Fixed income markets: Month in review — December 2024
Important insights and analysis for fixed income investors on the credit markets, the economy, and more.
Fixed income markets: month in review — October 2024
Municipal bonds appear well positioned given the current economic cycle. Read why we believe demand in the space will pick up.
Election-related volatility: 5 things investors should know
Short-term noise markets make during election season should not distract investors from pursuing long-term goals. Explore the possible traps and risks ahead.
Podcast series: Market Pulse
Transamerica Asset Management, Inc., CIO Tom Wald looks at the markets, economy, and current events.
About the author
Thomas R. Wald, CFA®
Chief Investment Officer of Transamerica Asset Management, Inc.
Tom is the Chief Investment Officer of Transamerica Asset Management, Inc., the mutual fund arm of Transamerica. Tom has more than 30 years of investment management experience and has managed large mutual fund portfolios and separate accounts.
As a member of the senior management team, Tom heads Transamerica Asset Management’s thought leadership efforts and provides perspectives to advisors, clients, the media, and general public. He writes and publishes Transamerica’s Market Outlook and other relevant commentary. He also heads Transamerica’s mutual fund sub-adviser selection and monitoring process, as well as product management. Tom holds a bachelor's degree in political science from Tulane University and an MBA in finance from the Wharton School at the University of Pennsylvania.
Important information
Investments are subject to market risk, including the loss of principal. Asset classes or investment strategies described may not be appropriate for all investors.
Past performance does not guarantee future results.
Equities are subject to market risk meaning that stock prices in general may decline over short or extended periods of time.
Fixed income investing is subject to credit rate risk, interest rate risk, and inflation risk. Credit risk is the risk that the issuer of a bond won’t meet their payments. Inflation risk is the risk that inflation could outpace a bond’s interest income. Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond. Investing in floating rate loans may be subject to greater volatility and increased risks.
Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.
Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced.
Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of some markets. These risks may be greater in emerging markets.
The information included in the document should not be construed as investment advice or a recommendation for the purchase or sale of any security. This material contains general information only on investment matters; it should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information does not take into account any investor’s investment objectives, particular needs, or financial situation. The value of any investment may fluctuate. This information has been developed by Transamerica Asset Management, Inc. and may incorporate third-party data, text, images, and other content to be deemed reliable.
Comments and general market-related projections are based on information available at the time of writing and believed to be accurate; are for informational purposes only, are not intended as individual or specific advice, may not represent the opinions of the entire firm, and may not be relied upon for future investing. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decisions.
Transamerica Asset Management, Inc. (TAM) is an SEC registered investment adviser that provides asset management, fund administration and shareholder services for institutional and retail clients. The funds advised and sponsored by TAM include Transamerica Funds and Transamerica Series Trust. Transamerica Funds and Transamerica Series Trust are distributed by Transamerica Capital, LLC, member FINRA. TAM is an indirect wholly owned subsidiary of Aegon Ltd., an international life insurance, pension, and asset management company.