TAM Market Pulse: Tom Wald

Hosted by Transamerica Asset Management (TAM)

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Sep 2025

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Transamerica Asset Management, Inc. (TAM) CIO Tom Wald talks about what investors need to know in a changing market environment.

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44 recent

September 30, 202515 min

Updating forecasts as jobs market has weakened

As summer fades into fall, what do recent job market changes mean for the economy? In this new Market Pulse podcast, Transamerica Asset Management, Inc., CIO Tom Wald analyzes unexpected job market revisions and their potential to lead to three rate cuts in 2025. Despite the cooling labor market, find out why stocks remain resilient and how these changes might pave the way for an economic “sweet spot.” With updates on the S&P 500® year-end target and a crucial Supreme Court decision on tariffs, Tom offers concise strategies to navigate this shifting landscape. Tune in for a brief, but insightful discussion on the season’s economic outlook.

August 27, 2025Episode 321 min

Market Catalysts at Work (08/25)

After navigating some turbulence following “Liberation Day” on April 2, the Dow Jones Industrial Average, the S&P 500®, and the Nasdaq composite have pushed toward record highs. Is the latest bull run sustainable for the remainder of 2025 and beyond? Join Transamerica Asset Management, Inc., CIO Tom Wald for a new Market Pulse podcast as he discusses four market catalysts that could help stocks continue to rise: tariff resolutions, interest rate cuts, corporate earnings growth, and a lower-for-longer tax environment. Tom also provides context for his year-end S&P 500 price target and explains why the market remains favorable for investment-grade bonds.4755215 08/25

July 17, 2025Episode 219 min

Transamerica Asset Management, Inc., 2025 Mid-Year Market Outlook (07/25)

Markets often seek to climb a “Wall of worry,” and they had plenty of climbing to do in the first half of 2025. Despite tariff uncertainty, continued interest-rate debate, and escalating conflict in the Middle East, the markets performed relatively well in the first half of the year. So what’s on tap for the rest of 2025? Look ahead with a new Market Pulse from Transamerica Asset Management, Inc., CIO Tom Wald, CFA®. Hear Tom break down expectations and offer his year-end forecasts for stocks, fixed income, the U.S. economy, international opportunities, and much more. Get insight and analysis to help pursue your investing goals for the remainder of the year and beyond. 4644906 07/25

March 14, 2025Episode 118 min

Tariffs and Market Volatility (03/25)

The S&P 500 was soaring on February 19, hitting a record-high close. It didn’t take long for things to turn south. As President Trump follows through on previously delayed tariffs on Canada and Mexico and increasing existing tariffs on China, the markets have taken a downturn. But is there a silver lining? Join Transamerica Asset Management, Inc., CIO Tom Wald for a new Market Pulse podcast as he discusses the shift in sentiment and where things might go from here. Despite the recent volatility, Tom believes there could an opportunity for investors if the tariffs prove to be short-lived and the Federal Reserve cuts interest rates in the months ahead. President Trump’s proposed tax cuts also could prove favorable for stocks, prompting Tom to stick with his year-end price target on the S&P. Hear more about how Tom’s pre-year predictions for value stocks and international stocks are proving to be true and why he remains optimistic for the markets in 2025.

December 12, 2024Episode 631 min

Transamerica Asset Management, Inc., 2025 Market Outlook (12/24)

The old saying goes, “Markets don’t always go up because of what happens, but often because of what doesn’t happen.” The past year saw markets move higher while several expectations entering 2024 did not come to fruition. A recession did not occur, the economy did not stop growing, corporate earnings did not fall flat, inflation did not climb again, the Fed did not eschew rate cuts, and the presidential election did not deteriorate into a drawn-out period of uncertainty. Today, the question is, what won’t happen in 2025? Look ahead with a new Market Pulse from Tom Wald, Transamerica Asset Management, Inc., CIO. Hear Tom break down expectations and offer his year-end forecasts for stocks and fixed income, the economy, inflation, and much more. Get insight and analysis to help you be ready to pursue your investing goals in 2025.

September 11, 2024Episode 521 min

Turning the Page (09/24)

Funny thing about the markets — sometimes they behave in ways that correspond with the general aura of events occurring in the world around them. As fall begins, is this one of those times? Join Transamerica Asset Management, Inc., CIO Tom Wald for a new Market Pulse podcast as he discusses an array of forces that could potentially impact the markets in the coming months. Topics include what’s next for Federal Reserve monetary policy and the interest rate environment, current stock catalysts, the prospects for economic growth, and November’s elections. Hear Tom’s insight into a historical market and a historical year, and what he expects to unfold this fall.

July 12, 2024Episode 423 min

2024 Mid-Year Market Outlook (07/24)

After an eventful first half of 2024, what can investors expect over the rest of the year? In a new Market Pulse, Transamerica Asset Management, Inc., CIO Tom Wald discusses his 2024 Mid-Year Market Outlook and provides in-depth analysis of the U.S. economy, equity and fixed income markets, and international stocks. Tom offers his year-end forecasts for GDP growth, the S&P 500®, and interest rates. He compares the positioning of growth and value stocks in the current environment, talks about why increasing equity allocations to international developed stocks might make sense, and looks ahead to the November elections.

June 5, 2024Episode 320 min

Stocks Reach Record Highs: Where from Here? (06/24)

The most recent bear market appears to have come and gone, and stocks have rallied to reach all-time highs amid concerns about a possible recession, inflation, corporate earnings, interest rates, and election year uncertainties. In fact, the S&P 500® has seen an upside move of 50% since October of 2022, when the bear bottomed out. Are the market’s current tailwinds enough to push stocks even higher, or is its resilience already reflected in current prices, making now the time to expect a pull back? Tom Wald, Chief Investment Officer of Transamerica Asset Management, Inc., discusses in a new Market Pulse his outlook for stocks following their recent climb to record levels. Hear Tom assess how well positioned stocks are and why he sees corporate earnings growth as their most important catalyst going forward.

April 25, 2024Episode 221 min

Resetting Rate Expectations (04/24)

It’s understandable if some investors feel these days a little like Charlie Brown trying to kick a football, only to see Lucy pull it away at the last second to send Charlie flying. As inflation reports continue to raise eyebrows and market volatility increases, the Federal Reserve and the economy may keep everyone guessing a bit longer. Tom Wald, Chief Investment Officer of Transamerica Asset Management, Inc., uses his latest Market Pulse to discuss recent changes to his interest rate forecasts, inflation trends, and the overall economy, as well as current opportunities in equity and fixed income markets. Investors might be trying to predict when, or even if, the Fed will act. Would they be better served focusing elsewhere, such as on some high-quality, investment-grade bonds offering rates that are near multiyear highs? Hear Tom’s thoughts on these opportunities and more.

March 7, 2024Episode 117 min

Upgrading Views on the Economy and Stocks (03/24)

Things are not all rainbows and puppy dogs these days, but growth for the U.S. economy and corporate earnings has looked stronger early in 2024 than most expected. And with these surprising numbers comes revised expectations. In his newest Market Pulse podcast, Tom Wald, CFA® and CIO of Transamerica Asset Management, Inc., updates his yearly forecast for stocks and the economy. Tom discusses what he expects for gross domestic product growth this year, and why he no longer believes a recession is likely. He also shares his new year-end price target on the S&P 500® and his thoughts on portfolio positioning and interest rates.