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2024 Global Market Outlook Midyear Update

How central bank policy could impact your portfolio

Looking ahead to keep our clients on the right side of change

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This Quarter (Q4 2024) Hide

November 2024 / INVESTMENT INSIGHTS

What Trump’s win means for policy, the economy, and markets

What Trump’s win means for policy, the economy, and markets

What Trump’s win means for policy, the economy,...

Extending tax cuts and an assertive approach on trade policy likely to be areas of...

By Gilad Fortgang, Blerina Uruçi & Tim Murray

By Gilad Fortgang, Blerina Uruçi & Tim Murray

October 2024 / INVESTMENT INSIGHTS

Could a 5% 10-year Treasury yield be around the corner?

Could a 5% 10-year Treasury yield be around the corner?

Could a 5% 10-year Treasury yield be around...

Higher Treasury yields expected due to fiscal spending and Fed quantitative tightening.

By Arif Husain

Arif Husain Head of Fixed Income and Chief Investment Officer, Fixed Income

October 2024 / INVESTMENT INSIGHTS

Three policy developments to watch after the U.S. election

Three policy developments to watch after the U.S. election

Three policy developments to watch after...

The postelection shift from campaigning to governing can create uncertainty for markets.

By Gilad Fortgang

Gilad Fortgang Washington Associate Analyst, U.S. Equity Division of T. Rowe Price Investment Management, Inc.

October 2024 / INVESTMENT INSIGHTS

U.S. Election: What's at stake for M&A and antitrust policy?

U.S. Election: What's at stake for M&A and antitrust policy?

U.S. Election: What's at stake for M&A and...

Next president to decide if tough antitrust policy continues.

By Gilad Fortgang

Gilad Fortgang Washington Associate Analyst, U.S. Equity Division of T. Rowe Price Investment Management, Inc.

Previous Quarter (Q3 2024) Hide

August 2024 / INVESTMENT INSIGHTS

Assessing the potential impacts on U.S. health care in an election year

Assessing the potential impacts on U.S. health care in an election year

Assessing the potential impacts on U.S. health...

The potential impact and implications for U.S. health care could differ greatly depending...

By Jill Jortner

Jill Jortner Health Care Sector Investment Analyst, T. Rowe Price

August 2024 / INVESTMENT INSIGHTS

Policy matters: U.S. election could impact renewables and electric vehi...

Policy matters: U.S. election could impact renewables and electric vehicles

Policy matters: U.S. election could impact...

The outcome of the presidential election could have important implications for U.S....

By Gilad Fortgang

Gilad Fortgang Washington Associate Analyst, U.S. Equity Division

August 2024 / INVESTMENT INSIGHTS

How do U.S. elections affect stock market performance?

How do U.S. elections affect stock market performance?

How do U.S. elections affect stock market...

It’s the economy that matters for U.S. presidential elections and stocks.

By Thomas Poullaouec & Nathan Wang

By Thomas Poullaouec & Nathan Wang

August 2024 / INVESTMENT INSIGHTS

Why U.S. fiscal policy will matter even more after the election

Why U.S. fiscal policy will matter even more after the election

Why U.S. fiscal policy will matter even more...

The next U.S. president faces a significant fiscal cliff in his or her first 12 months...

By Gilad Fortgang

Gilad Fortgang Washington Associate Analyst, U.S. Equity Division

August 2024 / INVESTMENT INSIGHTS

U.S. election and trade policy: What investors need to know

U.S. election and trade policy: What investors need to know

U.S. election and trade policy: What investors...

Presidential election will shape the pace of deglobalization.

By Gilad Fortgang

Gilad Fortgang Washington Associate Analyst, U.S. Equity Division of T. Rowe Price Investment Management, Inc.

July 2024 / INVESTMENT INSIGHTS

Ahead of the Curve - “Shadow banking system” creates a trickier path...

Ahead of the Curve - “Shadow banking system” creates a trickier path for...

Ahead of the Curve - “Shadow banking system”...

Rise in nonbank lending drives banks to shift risk exposure

By Arif Husain

Arif Husain Head of Fixed Income and Chief Investment Officer, Fixed Income

July 2024 / INVESTMENT INSIGHTS

Active investing is suited to the uncertain markets ahead

Active investing is suited to the uncertain markets ahead

Active investing is suited to the uncertain...

Changing market conditions will provide new risks and opportunities.

By Robert W. Sharps

Robert W. Sharps CEO and President

Q2 2024 Show

June 2024 / INVESTMENT INSIGHTS

China’s economy enters a new cycle—unveiling fresh opportunities

China’s economy enters a new cycle—unveiling fresh opportunities

China’s economy enters a new cycle—unveiling...

China’s economy has undergone a deep structural adjustment.

By Wenli Zheng

Wenli Zheng Portfolio Manager, China Evolution Equity Strategy

May 2024 / INVESTMENT INSIGHTS

Ahead of the Curve - Three Fed scenarios, same result: higher yields,...

Ahead of the Curve - Three Fed scenarios, same result: higher yields, steeper...

Ahead of the Curve - Three Fed scenarios,...

Ignore the noise. Very little has actually changed.

By Arif Husain

Arif Husain Head of Fixed Income and Chief Investment Officer, Fixed Income

May 2024 / INVESTMENT INSIGHTS

What factors are driving U.S. exceptionalism, and will they last?

What factors are driving U.S. exceptionalism, and will they last?

What factors are driving U.S. exceptionalism,...

U.S. economic growth has outperformed other developed markets, and inflation has...

By Blerina Uruçi

Blerina Uruçi Chief U.S. Economist

May 2024 / INVESTMENT INSIGHTS

Let’s get real (about interest rates)

Let’s get real (about interest rates)

Let’s get real (about interest rates)

Higher real rates in the coming years might favor value stocks

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

April 2024 / VIDEO

Navigating the AI cycle

Navigating the AI cycle

Navigating the AI cycle

After meeting with more than 50 technology companies across the US, Asia and Europe,...

By Dom Rizzo

Dom Rizzo Portfolio Manager

April 2024 / INVESTMENT INSIGHTS

Adding emerging market debt exposure? Look to local bonds.

Adding emerging market debt exposure? Look to local bonds.

Adding emerging market debt exposure? Look...

Five reasons to add emerging market debt to a bond portfolio

By Arif Husain

Arif Husain Head of Fixed Income and Chief Investment Officer, Fixed Income

April 2024 / INVESTMENT INSIGHTS

With rising headwinds, uncover the power of quality credit research

With rising headwinds, uncover the power of quality credit research

With rising headwinds, uncover the power...

Corporate bonds offer attractive income, but security selection is imperative amid...

By Justin Gerbereux

Justin Gerbereux Head of Global Fixed Income Research

Q1 2024 Show

March 2024 / INVESTMENT INSIGHTS

InspiredTalk: The Tipping Point

InspiredTalk: The Tipping Point

InspiredTalk: The Tipping Point

By Multiple Authors

By Multiple Authors

March 2024 / INVESTMENT INSIGHTS

Current market inflation expectations are ridiculous

Current market inflation expectations are ridiculous

Current market inflation expectations are...

I think core inflation will reaccelerate after falling to around 2%.

By Arif Husain

Arif Husain Head of Fixed Income and Chief Investment Officer, Fixed Income

March 2024 / INVESTMENT INSIGHTS

China’s National People’s Congress: Key points

China’s National People’s Congress: Key points

China’s National People’s Congress: Key points

NPC announcements in line with expectations.

By Robert Secker

Robert Secker Portfolio Specialist, Equity Investment Specialists

March 2024 / INVESTMENT INSIGHTS

New diabetes and obesity drugs show promise for patients and investors

New diabetes and obesity drugs show promise for patients and investors

New diabetes and obesity drugs show promise...

By Nabil Hanano & Jeffrey Holford

By Nabil Hanano & Jeffrey Holford

February 2024 / INVESTMENT INSIGHTS

Central bank rate-cut pricing is eye-catching but deceiving

Central bank rate-cut pricing is eye-catching but deceiving

Central bank rate-cut pricing is eye-catching...

By Arif Husain

Arif Husain Head of Fixed Income and Chief Investment Officer, Fixed Income

February 2024 / VIDEO

The Fed Has Pivoted. What’s Next?

The Fed Has Pivoted. What’s Next?

The Fed Has Pivoted. What’s Next?

With cooling expectations, investors wonder when and how far U.S. rates will fall...

By Tim Murray

Tim Murray Capital Markets Analyst

January 2024 / INVESTMENT INSIGHTS

Putting cash to work in 2024

Putting cash to work in 2024

Putting cash to work in 2024

We explore three possible scenarios as U.S. interest rates peak

By Christina Noonan, CFA, Som Priestley & Doug Spratley

By Christina Noonan, CFA, Som Priestley & Doug Spratley

January 2024 / INVESTMENT INSIGHTS

Where we see opportunities in Asia ex-Japan equities

Where we see opportunities in Asia ex-Japan equities

Where we see opportunities in Asia ex-Japan...

By Anh Lu

Anh Lu Portfolio Manager, Asia ex-Japan Equity Strategy

January 2024 / INVESTMENT INSIGHTS

Attractive yields but narrow spreads: The credit dilemma

Attractive yields but narrow spreads: The credit dilemma

Attractive yields but narrow spreads: The...

By Arif Husain

Arif Husain Head of International Fixed Income and Chief Investment Officer, Fixed Income

January 2024 / VIDEO

2024 Global Market Outlook Summary video with Ritu Vohora

2024 Global Market Outlook Summary video with Ritu Vohora

2024 Global Market Outlook Summary video...

What are the key investing themes heading into 2024? Capital markets specialist Ritu...

By Ritu Vohora

Ritu Vohora Investment Specialist, Capital Markets

Q4 2023 Show

December 2023 / INVESTMENT INSIGHTS

China: Time to revisit an unloved asset class

China: Time to revisit an unloved asset class

China: Time to revisit an unloved asset class

An economy that is in transition.

By Wenli Zheng

Wenli Zheng Portfolio Manager, China Evolution Equity Strategy

November 2023 / INVESTMENT INSIGHTS

Avoiding false signals in wait for peak U.S. Treasury yields

Avoiding false signals in wait for peak U.S. Treasury yields

Avoiding false signals in wait for peak U.S....

A framework can be useful for evaluating whether U.S. Treasury yields have peaked

By Arif Husain

Arif Husain Head of International Fixed Income and Chief Investment Officer, Fixed Income

November 2023 / VIDEO

Implications for Bonds in Energy Cycle Transitions

Implications for Bonds in Energy Cycle Transitions

Implications for Bonds in Energy Cycle Transitions

Our credit analysts collaborate to help obtain a fuller picture of the credit environment...

By Justin Gerbereux, Elliot Shue, CFA & Mike Hyland

By Justin Gerbereux, Elliot Shue, CFA & Mike Hyland

October 2023 / INVESTMENT INSIGHTS

Government Bond Issuance Boom to Pressure Yields Higher

Government Bond Issuance Boom to Pressure Yields Higher

Government Bond Issuance Boom to Pressure...

A flood of new global sovereign debt will affect market dynamics.

By Arif Husain

Arif Husain Head of International Fixed Income and Chief Investment Officer, Fixed Income

Q3 2023 Show

September 2023 / INVESTMENT INSIGHTS

Using Artificial Intelligence to Enhance Our Investment Processes

Using Artificial Intelligence to Enhance Our Investment Processes

Using Artificial Intelligence to Enhance...

Driving deliberate innovation with artificial intelligence tools to boost human decision-m...

By Robert W. Sharps

Robert W. Sharps Chief Executive Officer and President

September 2023 / INVESTMENT INSIGHTS

The Fairy Tale of a Soft Landing

The Fairy Tale of a Soft Landing

The Fairy Tale of a Soft Landing

The consensus view shift toward a mild downturn looks misplaced.

By Arif Husain

Arif Husain Head of International Fixed Income and Chief Investment Officer, Fixed Income

August 2023 / VIDEO

A new era of Gulf aid: potential winners and losers

A new era of Gulf aid: potential winners and losers

A new era of Gulf aid: potential winners...

A new era of Gulf aid could emerge—which countries could potentially benefit, and...

August 2023 / INVESTMENT INSIGHTS

The Four U.S. Treasury Yield Phases of a Fed Tightening Cycle

The Four U.S. Treasury Yield Phases of a Fed Tightening Cycle

The Four U.S. Treasury Yield Phases of a...

Portfolio managers collaborate to help shape duration positioning.

By Arif Husain

Arif Husain Head of International Fixed Income and Chief Investment Officer, Fixed Income

July 2023 / INVESTMENT INSIGHTS

A New Fixed Income Regime—Three Active Portfolio Responses

A New Fixed Income Regime—Three Active Portfolio Responses

A New Fixed Income Regime—Three Active Portfolio...

What to expect as monetary policy tightening moves closer to ending.

By Scott Solomon & Quentin Fitzsimmons

By Scott Solomon & Quentin Fitzsimmons

July 2023 / INVESTMENT INSIGHTS

From Crisis to Confidence: Spanish Banks Ready to Shine

From Crisis to Confidence: Spanish Banks Ready to Shine

From Crisis to Confidence: Spanish Banks...

Lessons from the Global Financial Crisis have left a stronger banking sector in Europe,...

By Rob Thomas

Rob Thomas Global credit analyst in the Fixed Income Division at T. Rowe Price.

July 2023 / INVESTMENT INSIGHTS

Asia Credit Markets: Capitalizing on Emerging Themes and Exciting Oppor...

Asia Credit Markets: Capitalizing on Emerging Themes and Exciting Opportunities

Asia Credit Markets: Capitalizing on Emerging...

By Sheldon Chan

Sheldon Chan Co-Portfolio Manager, Asia Credit Bond Strategy

July 2023 / INVESTMENT INSIGHTS

Central Banks Step Into Potential Policy Error Territory

Central Banks Step Into Potential Policy Error Territory

Central Banks Step Into Potential Policy...

Hawkish stances risk overtightening and causing recession

By Arif Husain

Arif Husain Head of International Fixed Income and Chief Investment Officer, Fixed Income

Q2 2023 Show

June 2023 / INVESTMENT INSIGHTS

Volatility Brings Opportunity in Fixed Income

Volatility Brings Opportunity in Fixed Income

Volatility Brings Opportunity in Fixed Income

Interest rate markets offer alpha opportunities, dollar at risk of depreciation.

By Arif Husain, Scott Solomon & Quentin Fitzsimmons

By Arif Husain, Scott Solomon & Quentin Fitzsimmons

June 2023 / INVESTMENT INSIGHTS

Four Themes Shaping Global High Yield Bonds

Four Themes Shaping Global High Yield Bonds

Four Themes Shaping Global High Yield Bonds

Opportunities to generate value amid volatility.

By Michael Della Vedova

Michael Della Vedova Co‑portfolio Manager, Global High Income Bond Strategy

June 2023 / INVESTMENT INSIGHTS

China Investing: What Comes Next?

China Investing: What Comes Next?

China Investing: What Comes Next?

A three-stage recovery is underway

By Wenli Zheng

Wenli Zheng Portfolio Manager, China Evolution Equity Strategy

May 2023 / FIXED INCOME

Rates Volatility to Continue as Economic Outlook Evolves

Rates Volatility to Continue as Economic Outlook Evolves

Rates Volatility to Continue as Economic...

We expect a relatively mild U.S. recession, not a steep downturn

May 2023 / INVESTMENT INSIGHTS

China Investing: What Comes Next?

China Investing: What Comes Next?

China Investing: What Comes Next?

A three-stage recovery is underway.

May 2023 / INVESTMENT INSIGHTS

Medical Technology Industry Well Positioned Post-COVID

Medical Technology Industry Well Positioned Post-COVID

Medical Technology Industry Well Positioned...

Many businesses in the health care sector can consistently grow revenue and earnings,...

By Mitchell Unger

Mitchell Unger Credit Analyst, Health Care Sector

April 2023 / INVESTMENT INSIGHTS

The ECB’s Hawkish Stance May Not Last Much Longer

The ECB’s Hawkish Stance May Not Last Much Longer

The ECB’s Hawkish Stance May Not Last Much...

Market events could prompt a softening of policy this summer.

By Tomasz Wieladek

Tomasz Wieladek Chief European Economist

April 2023 / INVESTMENT INSIGHTS

China's Reopening: Implications and Impact

China's Reopening: Implications and Impact

China's Reopening: Implications and Impact

Brisk reopening brings quicker consumption response.

By Carolyn Chu & Chris Kushlis

By Carolyn Chu & Chris Kushlis

April 2023 / INVESTMENT INSIGHTS

Labor Market Resilience Suggests Recession is Not Imminent

Labor Market Resilience Suggests Recession is Not Imminent

Labor Market Resilience Suggests Recession...

Growth accelerated in late 2022, and data released so far in 2023 solidify the case...

By Blerina Uruçi

Blerina Uruçi Chief U.S. Economist

Q1 2023 Show

March 2023 / INVESTMENT INSIGHTS

Russia-Ukraine War One Year On

Russia-Ukraine War One Year On

Russia-Ukraine War One Year On

Ongoing war continues to reverberate through the economy and energy markets.

By Razan Nasser & Peter Botoucharov

By Razan Nasser & Peter Botoucharov

March 2023 / INVESTMENT INSIGHTS

The Mild Winter Will Delay Europe’s Recession, Not Prevent It

The Mild Winter Will Delay Europe’s Recession, Not Prevent It

The Mild Winter Will Delay Europe’s Recession,...

Other risks will likely weigh on the Continent later this year.

By Tomasz Wieladek

Tomasz Wieladek Chief European Economist

January 2023 / INVESTMENT INSIGHTS

Deglobalization in a Connected World

Deglobalization in a Connected World

Deglobalization in a Connected World

We are seeing a shift in the global economy that could shape the investment landscape...

By Sébastien Page & Justin Thomson

By Sébastien Page & Justin Thomson

January 2023 / INVESTMENT INSIGHTS

Leaning Against the Wind

Leaning Against the Wind

Leaning Against the Wind

In the face of challenging headwinds, a careful contrarian approach could offer potential...

By Sébastien Page & Justin Thomson

By Sébastien Page & Justin Thomson

January 2023 / INVESTMENT INSIGHTS

The Return of Yield

The Return of Yield

The Return of Yield

Yields are appealing in select markets and buying opportunities exist, but investors...

By Sébastien Page & Justin Thomson

By Sébastien Page & Justin Thomson

January 2023 / INVESTMENT INSIGHTS

An Economic Balancing Act

An Economic Balancing Act

An Economic Balancing Act

Aggressive rate hikes are slowing economic growth. But a deep downturn across the...

By Sébastien Page & Justin Thomson

By Sébastien Page & Justin Thomson

December 2022 / INVESTMENT INSIGHTS

2023 Inflation Outlook

2023 Inflation Outlook

2023 Inflation Outlook

Interest rate cut is unlikely if inflation settles above Fed’s target.

By Tim Murray

Tim Murray Capital Markets Strategist, Multi‑Asset Division

December 2022 / INVESTMENT INSIGHTS

Do Not Underestimate Quantitative Tightening

Do Not Underestimate Quantitative Tightening

Do Not Underestimate Quantitative Tightening

It may affect economies more than central banks assume.

By Tomasz Wieladek

Tomasz Wieladek Chief European Economist

December 2022 / INVESTMENT INSIGHTS

Asia ex-Japan 2023 Market Outlook

Asia ex-Japan 2023 Market Outlook

Asia ex-Japan 2023 Market Outlook

Patiently Building Long-Term Positions

By Anh Lu

Anh Lu Portfolio Manager, Asia ex-Japan Equity Strategy

December 2022 / INVESTMENT INSIGHTS

China Market Outlook 2023

China Market Outlook 2023

China Market Outlook 2023

“What should be” versus “What is likely to happen”

By Wenli Zheng

Wenli Zheng Portfolio Manager, China Evolution Equity Strategy

November 2022 / INVESTMENT INSIGHTS

How Fixed Income May Help Navigate Evolving Markets

How Fixed Income May Help Navigate Evolving Markets

How Fixed Income May Help Navigate Evolving...

Five flexible bond opportunities to help lead clients through new market realities

November 2022 / INVESTMENT INSIGHTS

The Storm in Financial Markets Is Not Over Yet

The Storm in Financial Markets Is Not Over Yet

The Storm in Financial Markets Is Not Over...

Inflationary pressures may be receding, however.

By Nikolaj Schmidt

Nikolaj Schmidt Chief International Economist

October 2022 / INVESTMENT INSIGHTS

The Case for a Strategic Allocation to High Yield Bonds

The Case for a Strategic Allocation to High Yield Bonds

The Case for a Strategic Allocation to High...

Hybrid characteristics provide attractive risk/reward profile

By Kevin Loome & Ashley Wiersma

By Kevin Loome & Ashley Wiersma

October 2022 / INVESTMENT INSIGHTS

How Value Can Benefit From a New Investment Cycle

How Value Can Benefit From a New Investment Cycle

How Value Can Benefit From a New Investment...

Four factors set to drive a boom in capital expenditure

By Ernest Yeung

Ernest Yeung Portfolio Manager, Emerging, Markets Discovery Equity Strategy

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