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Fed Weighs Market Jitters as It Ponders Rate Hike Timing

An economist and a portfolio manager discuss the factors the U.S. Federal Reserve may be considering as it decides when to raise interest rates.

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  • Consumer spending is likely to accelerate, supported by a healthy job market, improvements in U.S. housing and upward pressure on wages. This should benefit consumer stocks.
  • Valuations on consumer stocks are not cheap and rising rates could be a headwind. But there are many supporting factors as well.
  • The secular trend toward online shopping is disrupting many areas and is likely to generate new winners and losers — creating opportunities for stock pickers.
  • Restaurants, home improvement and grocery stores are some new areas where the disruptive impact of e-commerce is contributing to upheaval.

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Focus on Evolving Opportunities in Emerging Markets


  • The long–term structural growth story in emerging markets remains intact. These areas of the world will likely continue to face cyclical headwinds, but things appear more favorable on a secular basis.
  • Headline risk is becoming less significant in emerging markets. Globalization and the broadening of investment opportunities has minimized the impact that regional and country-specific events have on the share prices of individual companies.

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World Markets Review for Second Quarter 2015

Global stocks produced mixed returns as signs of improving economic growth were offset by fears of rising interest rates and a worsening debt crisis in Greece. Telecommunications stocks proved to be a bright spot, driven higher by M&A activity, while the rate-sensitive utilities sector fell the most. Emerging markets stocks advanced, supported by monetary easing in China. Bonds declined and the dollar slipped 4% against the euro.

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American Funds College Target Date Series®

Our college target date funds were designed to address the challenges of saving for the rising cost of higher education.


Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses , which can be obtained from a financial professional and should be read carefully before investing.   

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.  

Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. The information provided is intended to highlight issues and not to be comprehensive or to provide advice. Any reproduction, modification, distribution, transmission or republication of the content, in part or in full, is prohibited.