2025 Global Market Outlook

This document reflects the views of the respective associates of T. Rowe Price Associates, Inc., and certain of its investment advisory affiliates. Where noted (articles "U.S. Equities" and "Private Markets"), the views expressed are those of associates of T. Rowe Price Investment Management, Inc., and Oak Hill Advisors, L.P, respectively. The views expressed in this material may differ from the views of other associates and/or T. Rowe Price group companies. T. Rowe Price Associates, Inc. (TRPA), and T. Rowe Price Investment Management, Inc. (TRPIM), have separate research platforms and make investment decisions independently. Oak Hill Advisors, L.P. (OHA), an alternative credit manager, is a T. Rowe Price company.

Views are the opinions of the Global Market Outlook authors as of November 15, 2024.

Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives.

T. Rowe Price cautions that economic estimates and forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual outcomes could differ materially from those anticipated in estimates and forward-looking statements, and future results could differ materially from any historical performance. The information presented herein is shown for illustrative, informational purposes only. Any historical data used as a basis for this analysis are based on information gathered by T. Rowe Price and from third-party sources and have not been independently verified.

Forward-looking statements speak only as of the date they are made, and T. Rowe Price assumes no duty to and does not undertake to update forward-looking statements.

Where securities are mentioned, the specific securities identified and described are for informational purposes only and do not represent recommendations.

Additional Disclosures

For more information on third-party market data please visit troweprice.com/marketdata.

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