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2024 Global Market Outlook Midyear Update

How central bank policy could impact your portfolio

Global Fixed Income

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Our Actions and Views on Ukraine

Expert views and key themes impacting the markets and global economy

ESG

Our commitment to responsible investing

This Quarter (Q4 2024) Hide

November 2024 / From the Field

Increased climate oversight in Europe: A competitive challenge for bank...

Increased climate oversight in Europe: A competitive challenge for banks

Increased climate oversight in Europe: A...

European banks face tougher climate regulations compared with U.S. banks, impacting...

By Joseph Baldwin

Joseph Baldwin Analyst, Responsible Investing

November 2024 / From the Field

Perspectives on securitized credit

Securitized credit market performance remained solid in the third quarter amid heavy...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

November 2024 / From the Field

Unlocking opportunities: Market broadening and a new chapter for emergi...

Unlocking opportunities: Market broadening and a new chapter for emerging...

Unlocking opportunities: Market broadening...

How broadening equity returns and reemergence of EMs require a different mindset.

By Scott Berg

Scott Berg Portfolio Manager, Global Growth Equity Strategy

November 2024 / From the Field

Looking for durable, needle-moving growth in the AI tech stack

Looking for durable, needle-moving growth...

AI will be disruptive. Growth investors should focus on what creates value over the...

By Paul Greene

Paul Greene Portfolio Manager, U.S. Large-Cap Core Growth Equity Strategy

The outlook for international equities amid the shifting market environ...

The outlook for international equities amid the shifting market environment

The outlook for international equities amid...

By Justin Thomson

Justin Thomson Head of International Equity and CIO

October 2024 / From the Field

After a number of false dawns, has China turned the corner?

After a number of false dawns, has China...

Robert Secker shares his perspectives on China.

By Robert Secker

Robert Secker Portfolio Specialist

November 2024 / From the Field

Will Fed rate cuts translate into a strong U.S. economy?

Will Fed rate cuts translate into a strong...

Investors may need to temper their expectations for the Fed to boost U.S. growth...

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist Multi‑Asset Division

November 2024 / From the Field

Integrated Equity Insights: Declining mean reversion and a focus on sus...

Integrated Equity Insights: Declining mean reversion and a focus on sustainable...

Integrated Equity Insights: Declining mean...

Declining mean reversion and a focus on sustainable growth

By Peter Stournaras, David Corris & Brian Dausch

November 2024 / From the Field

Why it’s time to consider moving out of cash and into fixed income

Why it’s time to consider moving out of cash...

Income and growth attributes support the case for redeploying cash into bond markets.

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

November 2024 / In the Loop

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 & Timothy C. Murray

November 2024 / From the Field

What is driving gold prices to all-time record highs?

What is driving gold prices to all-time record...

A number of supportive tailwinds suggest a continuing positive outlook

By Richard de los Reyes

Richard de los Reyes Sector Portfolio Manager and Head of Commodities

October 2024 / From the Field

Can you trust recession forecasts?

Special Topic: Can you trust recession forecasts?

Three special factors may help the U.S. economy avoid a recession.

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

October 2024 / From the Field

Fed’s focus on jobs is leading to bond market normalization

Fed’s focus on jobs is leading to bond market...

There are signs that the negative correlation between Treasuries and risk assets...

October 2024 / In the Loop

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

Three policy developments to watch after 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 / From the Field

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

Ahead of the Curve: Could a 5% 10-year Treasury yield be around the corner?

Ahead of the Curve: Could a 5% 10-year Treasury...

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 / From the Field

Key considerations for global equities beyond the U.S. election

Key considerations for global equities beyond...

Powerful factors provide a relatively positive backdrop for equity markets in 2025.

By David J. Eiswert

David J. Eiswert Portfolio Manager, Global Focused Growth Equity Strategy

October 2024 / From the Field

Friendshoring is reconfiguring global trade

Opportunities arise for the West’s allies to plug supply deficits.

By Roy Adkins, Ivan Morozov & Elliot Shue

The Great Broadening: from AI and the Mag 7 to Emerging Markets and Bey...

The Great Broadening: from AI and the Mag 7 to Emerging Markets and Beyond...

The Great Broadening: from AI and the Mag...

Iona Dent and Sam Ruiz spoke to ensombl about ‘The Great Broadening’, and where they...

By Iona Dent & Samuel Ruiz

October 2024 / In the Loop

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

September 2024 / MARKETS & ECONOMY

Three key themes to watch out for in emerging markets

Three key themes to watch out for in emerging...

Economic growth resiliency to be tested, while new countries could start cutting...

September 2024 / FIXED INCOME

AI and fixed income: Booming demand for data center ABS and CMBS

AI and fixed income: Booming demand for data...

Artificial intelligence drives demand for data center ABS and CMBS investments.

By David Xu & Adam Haya

September 2024 / ESG

2024 Aggregate Proxy Voting Summary

Examining key trends in T. Rowe Price Associates, Inc.’s proxy voting activity over...

By Donna Anderson & Jocelyn Brown

September 2024 / FIXED INCOME

How AI’s impact is reaching into areas that might surprise you

How AI’s impact is reaching into areas that...

Discover how rising AI energy demands are reshaping independent power producer credit...

By David Yatzeck

David Yatzeck Associate Portfolio Manager, High Yield

September 2024 / From the Field

Cutting cycles and learning to love bonds again

Cutting cycles and learning to love bonds...

History provides some clues about which asset classes are likely to outperform

By Sébastien Page

Sébastien Page CIO and Head of Global Multi-Asset

September 2024 / From the Field

Are we partying like it’s 1999 again?

Are we partying like it's 1999 again?

AI versus Dotcom: There are some similarities, yet also key differences.

By Rahul Ghosh

Rahul Ghosh Portfolio Specialist, Global Equities

September 2024 / MARKETS & ECONOMY

How the U.S. election could impact the financials sector

How the U.S. election could impact the financials...

Next president will determine whether financial regulators will mount up or stand...

By Gilad Fortgang

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

September 2024 / MARKETS & ECONOMY

How healthy is the U.S. labour market?

The Federal Reserve appears ready to cut rates. Job growth will be key for how stocks...

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist, Multi‑Asset Division

September 2024 / EQUITY

Ausbiz: The emerging markets to benefit from U.S. rate cuts

Ausbiz: The emerging markets to benefit from...

By Samuel Ruiz

Samuel Ruiz Portfolio Specialist

September 2024 / In the Spotlight

The power of additionality: Blue bonds could boost sustainability

The power of additionality: Blue bonds could...

Blue bonds could boost sustainability efforts in emerging markets

By Willem Visser & Tongai Kunorubwe

August 2024 / FIXED INCOME

Ahead of the Curve: The San Andreas fault of finance shakes the markets

Ahead of the Curve: The San Andreas fault...

Monetary tightening in Japan is rearranging global capital flows.

By Arif Husain

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

August 2024 / ESG

How say-on-pay voting is shaping trends in executive compensation

How say-on-pay voting is shaping trends in...

Some 15+ years after the introduction of say-on-pay voting, we assess its impact...

By Donna Anderson & Jocelyn Brown

August 2024 / ESG

Linking corporate profits with natural capital in the Amazon rainforest

Linking corporate profits with natural capital...

Linking corporate profits with natural capital in the Amazon rainforest

By Maria Elena Drew & Iona Walker

August 2024 / ESG

Could GLP-1s help rebalance the food trilemma?

Anti-obesity medications could play a key role in balancing the food trilemma

By Maria Elena Drew & Daniel Ryan

August 2024 / VIDEO

An underappreciated small cap worthy of an energy investor’s interest

An underappreciated small cap worthy of an...

Energy transition is far more than just a "net zero" mission

By Hari Balkrishna

Hari Balkrishna Portfolio Manager

August 2024 / VIDEO

Not all healthcare stocks are created equal. Here are three to watch

Not all healthcare stocks are created equal....

Biotech and GLP-1 deep dive

By Hari Balkrishna

Hari Balkrishna Portfolio Manager

August 2024 / MULTI-ASSET

Will government debt boil the frog?

How much should investors worry about the ballooning U.S. government debt?

By Sébastien Page

Sébastien Page CIO and Head of Global Multi-Asset

August 2024 / MARKETS & ECONOMY

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.

August 2024 / EQUITY

Are U.S. stocks too expensive?

Can levels of profitability and efficiency of U.S. tech companies be sustained?

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist Multi‑Asset Division

August 2024 / STRATEGY SPOTLIGHT

Growing government debt has raised concerns. Should it?

Growing government debt has raised concerns....

We believe governments have time and options to address historically high debt-to-gross...

By Thomas Kasanin & Ivan Morozov

August 2024 / FIXED INCOME

Perspectives on securitized credit

Although the rally lost some momentum in Q2, securitized credit markets still performed...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

August 2024 / VIDEO

3 impact stocks to access the AI megatrend (beyond NVIDIA)

3 impact stocks to access the AI megatrend...

Are you curious to know what AI means for impact investing?

By Hari Balkrishna

Hari Balkrishna Portfolio Manager

August 2024 / MARKETS & ECONOMY

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 / MARKETS & ECONOMY

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 / MULTI-ASSET

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

August 2024 / MULTI-ASSET

The Psychology of Leadership in Investment Management

The Psychology of Leadership in Investment...

Five ways to become an effective leader in money management

By Sébastien Page

Sébastien Page Head of Multi-Asset & CIO

August 2024 / EQUITY

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 / FIXED INCOME

Why passive flows and inelastic markets don’t mix

Why passive flows and inelastic markets don’t...

The rise of passive fixed income investing has caused market structure to deteriorate

By Steve Boothe & Pranay Subedi

August 2024 / MULTI-ASSET

Manic market not a reason for investors to panic

Manic market not a reason for investors to...

Recent market volatility appears to reflect extreme risk-on sentiment and positioning

By Sébastien Page

Sébastien Page CIO and Head of Global Multi‑Asset

July 2024 / On the Horizon

Is now the time to consider an allocation to government bonds?

Is now the time to consider an allocation...

Attractive yields and expected return of diversification benefits are supportive

By Amanda Stitt

Amanda Stitt Portfolio Specialist

July 2024 / EQUITY

Why balance is important amid equity market volatility

Why balance is important amid equity market...

Geopolitics, sticky inflation, and peaking earnings growth point to elevated volatility

By David J. Eiswert & Nabil Hanano

July 2024 / EQUITY

Can GLP-1s and the medtech industry find a peaceful coexistence?

Can GLP-1s and the medtech industry find...

The success of GLP-1s in reducing weight has led some to predict industry-disruptive...

By Taymour Tamaddon

Taymour Tamaddon Portfolio Manager, US Large Cap Growth Equity Strategy

July 2024 / EQUITY

Q2 Global Equity Market Wrap and Portfolio Positioning

Q2 Global Equity Market Wrap and Portfolio...

Yellow flags on the horizon, whether it be politically, geopolitically or economically

By Samuel Ruiz

Samuel Ruiz Equity Portfolio Specialist

July 2024 / MULTI-ASSET

Special Topic: Can the Fed cut rates with financial conditions this loo...

Special Topic: Can the Fed cut rates with financial conditions this loose?

Special Topic: Can the Fed cut rates with...

The Fed appears ready to cut interest rates despite loose financial conditions.

By Sébastien Page

Sébastien Page CIO and Head of Global Multi-Asset

July 2024 / EQUITY

Artificial intelligence, health care, and energy transition: Three area...

Artificial intelligence, health care, and energy transition: Three areas...

Artificial intelligence, health care, and...

How innovations in artificial intelligence, health care, and the energy transition...

By Hari Balkrishna

Hari Balkrishna Portfolio Manager, Global Impact Equity Strategy

July 2024 / MULTI-ASSET

Could the Volatility Index (VIX) be broken?

The VIX has recently displayed a more subdued reaction to market sell-offs than expected....

By Rory Boath

Rory Boath Associate Execution Strategist

July 2024 / EQUITY

Finding the key to unlocking a US$200 billion opportunity

Finding the key to unlocking a US$200 billion...

Company research tour: Eli Lilly

By Nabil Hanano & Jeffrey Holford

July 2024 / MULTI-ASSET

The inflation roller coaster

Diverging trends in goods and services prices complicate the inflation outlook

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist, Multi-Asset Division

July 2024 / FIXED INCOME

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

Q2 2024 Show

June 2024 / MARKETS & ECONOMY

Stabilizing China’s housing market is a work in progress

Stabilizing China’s housing market is a work...

We view China’s latest housing market support plan as a step in the right direction

By Sheldon Chan, Christopher J. Kushlis & Leonard Kwan

June 2024 / EQUITY

Market concentration: Facts versus opinions

Market concentration in U.S. and technology stocks a concern for clients

By Rahul Ghosh

Rahul Ghosh Portfolio Specialist, Global Equities

June 2024 / MULTI-ASSET

A new era for commodities?

We may be on the cusp of another period of strong commodity returns

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist, Multi-Asset Division

June 2024 / EQUITY

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

June 2024 / EQUITY

Growing pains and opportunity: Analyzing what's next in the AI boom

Growing pains and opportunity: Analyzing...

David Giroux explains why AI is likely to be deflationary over time and why he likes...

By David R. Giroux

David R. Giroux Portfolio Manager and Chief Investment Officer

June 2024 / EQUITY

How an investment strategy can blend the best of active and passive

How an investment strategy can blend the...

A research-enhanced strategy can help clients get more from their portfolio’s core

By Tamzin Manning

Tamzin Manning Equity Portfolio Specialist

May 2024 / FIXED INCOME

Perspectives on Securitized Credit

The securitized credit rally that began in late 2023 accelerated in early 2024 despite...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

May 2024 / MULTI-ASSET

The hottest debate in asset allocation: Value vs. growth stocks

The hottest debate in asset allocation: Value...

Macro, fundamental, and sentiment catalysts support the valuation case.

By Sébastien Page

Sébastien Page CIO and Head of Global Multi-Asset

May 2024 / RETIREMENT INSIGHTS

A five-dimensional framework for retirement income needs and solutions...

A five-dimensional framework for retirement...

A new tool to help DC plan sponsors evaluate retirement income solutions for their...

By Berg Cui & Jessica Sclafani

May 2024 / FIXED INCOME

Opportunities in fixed income for investors moving out of cash

Opportunities in fixed income for investors...

Income and growth attributes can help investors put cash to work

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

May 2024 / FIXED INCOME

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 / EQUITY

The quality factor: Its impact, foundation, and evolution

The quality factor: Its impact, foundation,...

Secular components have become an important part of quality investing

By Laurence Taylor & Adam Karp

May 2024 / FIXED INCOME

The benefits of hedged diversification

Non-U.S. bonds currently offer higher yields on a currency-hedged basis

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist, Multi-Asset Division

May 2024 / MARKETS & ECONOMY

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 / FIXED INCOME

No green without blue: How blue bonds could support climate goals

No green without blue: How blue bonds could...

Earth’s oceans capture the majority of the global CO2 produced by humans.

By Willem Visser & Tongai Kunorubwe

May 2024 / ASSET ALLOCATION

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 / EQUITY

Where are we in the AI cycle?

Navigating the AI cycle and the reasons why Dom Rizzo thinks we remain relatively...

By Dominic Rizzo

Dominic Rizzo Portfolio Manager

April 2024 / EQUITY

What are your key takeaways from recent investment trips?

What are your key takeaways from recent investment...

Three key conclusions after meeting more than 50 different technology companies across...

By Dominic Rizzo

Dominic Rizzo Portfolio Manager

April 2024 / EQUITY

Outside of AI, what other areas of technology interest you today?

Outside of AI, what other areas of technology...

Two opportunities in technology outside of AI that Dom Rizzo is particularly excited...

By Dominic Rizzo

Dominic Rizzo Portfolio Manager

April 2024 / EQUITY

What is your view on current valuations in technology?

What is your view on current valuations in...

A look back through history and why Dom Rizzo thinks most of the technology universe...

By Dominic Rizzo

Dominic Rizzo Portfolio Manager

April 2024 / EQUITY

Navigating the AI cycle

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

By Dominic Rizzo

Dominic Rizzo Portfolio Manager

April 2024 / ASSET ALLOCATION

Momentum: Don’t fear the reapers (of high profit)

Momentum: Don’t fear the reapers (of high...

History shows that momentum-driven markets don’t necessarily lead to market downturns

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

April 2024 / GLOBAL EQUITIES

Fostering Change with Impact Investing

Pursuing social and environmental impact alongside financial returns

By Hari Balkrishna, Matthew Lawton & David L. Rowlett

April 2024 / FIXED INCOME

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 / GLOBAL EQUITIES

How Impact Investing Can Help Address ESG Skepticism

How Impact Investing Can Help Address ESG...

Using measurement and engagement to tackle ESG fractures head-on

By Hari Balkrishna

Hari Balkrishna Portfolio Manager, Global Impact Equity Strategy

April 2024 / INVESTMENT INSIGHTS

Vietnam: Asia’s next frontier tiger

Tailwinds are gathering to support another major leap

By Johannes Loefstrand & Eric L. Veiel

April 2024 / INVESTMENT INSIGHTS

Hedging inflation risk

Recession fears are fading, but inflation concerns are on the rise.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist Multi-Asset Division

April 2024 / ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

For or against? The year in shareholder resolutions—2023

For or against? The year in shareholder resolution...

With environmental and social proposals in the spotlight, case‑by‑case insights were...

By Donna Anderson & Jocelyn Brown

Q1 2024 Show

March 2024 / VIDEO

Blue Bonds: The Key to Unlocking the Blue Economy’s Potential

Blue Bonds: The Key to Unlocking the Blue...

Blue bonds provide financing for ocean-friendly or clean water projects in support...

By Matthew Lawton

Matthew Lawton Portfolio Manager, Credit Impact Investing

March 2024 / VIDEO

Why is it important to measure the impact of a blue bond?

Why is it important to measure the impact...

Blue bonds need to be evaluated with additional rigor to mitigate against bluewashing...

By Tongai Kunorubwe

Tongai Kunorubwe Head of ESG, Fixed Income, T. Rowe Price Associates, Inc.

March 2024 / ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

Towards Net Zero Portfolios podcast with Maria Elena Drew

Towards Net Zero Portfolios podcast with...

By Maria Elena Drew

Maria Elena Drew Director of Research, Responsible Investing

March 2024 / IMPACT INVESTING

Meet Hari Balkrishna

Hari believes investors are ready to make a more active choice to favor companies...

By Hari Balkrishna

Hari Balkrishna Portfolio Manager

March 2024 / GLOBAL FIXED INCOME

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

Dynamic credit investing: A Q&A With Saurabh Sud

Dynamic credit investing: A Q&A With Saurabh...

Dynamic Credit’s flexible approach has been pivotal over different market conditions.

By Saurabh Sud

Saurabh Sud Portfolio Manager, Dynamic Credit Strategy

March 2024 / EQUITY

China’s National People’s Congress: Key points

NPC announcements in line with expectations.

By Robert Secker

Robert Secker Portfolio Specialist

March 2024 / INVESTMENT INSIGHTS

A decade-long adventure navigating treacherous markets successfully

A decade-long adventure navigating treacherous...

The Dynamic Global Bond Strategy celebrates its 10-year anniversary this month since...

By Scott Solomon

Scott Solomon Portfolio Manager

March 2024 / INVESTMENT INSIGHTS

Investment implications of generative artificial intelligence

Investment implications of generative artificial...

Reasons why investors should embrace AI as a long-term investment theme.

By Rahul Ghosh

Rahul Ghosh Portfolio Specialist Global Equity

March 2024 / MULTI-ASSET INSIGHTS

A closer look at the diversification potential of private assets

A closer look at the diversification potential...

Private assets can enhance multi-asset portfolios. However, careful risk analysis...

By Robert Panariello, Som Priestley & Fahad Siddiqui

March 2024 / GLOBAL EQUITIES

Global Earnings: Q4 Results Overview

What next for global equities

By Rahul Ghosh

Rahul Ghosh Portfolio Specialist, Global Equity Strategies

March 2024 / INVESTMENT INSIGHTS

How impact credit’s financial and sustainability aims go hand in hand

How impact credit’s financial and sustainability...

Fundamentals and return potential are as important as impact to an investment case

By Matthew Lawton & Ellen O'Doherty

February 2024 / INVESTMENT INSIGHTS

Conditions are ripe for a Goldilocks economy, but dangers lurk

Conditions are ripe for a Goldilocks economy,...

Conditions are ripe for a moderate growth recovery, but political risks pose a threat

By Nikolaj Schmidt

Nikolaj Schmidt Chief Global Economist

February 2024 / INVESTMENT INSIGHTS

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

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

The large number of priced-in 2024 rate cuts is an average of expectations across...

By Arif Husain

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

February 2024 / INVESTMENT INSIGHTS

After the Fed pivot, what’s next?

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

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist Multi-Asset Division

February 2024 / VIDEO

Three key themes in emerging markets for 2024

Three key themes in emerging markets for...

Emerging markets are poised for a year of interest rate cuts in 2024.

By Christopher J. Kushlis

Christopher J. Kushlis Chief Emerging Markets Macro Strategy

February 2024 / INVESTMENT INSIGHTS

Will new long-term debt holders effectively discipline banks?

Will new long-term debt holders effectively...

New US regional bank debt can lower the odds of a default and help reduce the cost...

By Steve Booth & Pranay Subedi

February 2024 / INVESTMENT INSIGHTS

Emerging markets poised for a year of interest rate cuts

Emerging markets poised for a year of interest...

Inflation continues to fall, paving the way for more interest rate cuts from emerging...

By Christopher J. Kushlis

Christopher J. Kushlis Chief of China and Emerging Markets Macro Strategy

February 2024 / GLOBAL EQUITIES

New diabetes and obesity drugs show promise for patients and investors

New diabetes and obesity drugs show promise...

GLP-1 treatments are poised to reshape the health care sector

By Nabil Hanano & Jeffrey Holford

February 2024 / INVESTMENT INSIGHTS

Corporate bonds—A compelling long-term income profile

Corporate bonds—A compelling long-term income...

Fundamental research is imperative in credit markets as headwinds rise

By Saurabh Sud

Saurabh Sud Portfolio Manager

February 2024 / INVESTMENT INSIGHTS

Putting cash to work in 2024

We explore three possible scenarios as US interest rates peak

By Christina Noonan, Som Priestley & Douglas Spratley

February 2024 / INVESTMENT INSIGHTS

Could energy productivity cycles lead to credit opportunities

Could energy productivity cycles lead to...

Why we believe the energy productivity cycle is turning and the opportunities this...

By Steve Booth & Elliot Shue

January 2024 / INVESTMENT INSIGHTS

How dynamic credit can mitigate downside risk

How dynamic credit can mitigate downside...

Navigating market downturns through diversification in fixed income

By Wyatt Lee & Saurabh Sud

January 2024 / MARKETS & ECONOMY

US small-cap stocks look like a potentially big opportunity

US small-cap stocks look like a potentially...

Six key factors point to an encouraging outlook for US smaller companies

By Curt J. Organt & Matt Mahon

January 2024 / INVESTMENT INSIGHTS

Global Markets Monthly Update - January 2024

January 2024 / INVESTMENT INSIGHTS

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

Global Equity Markets Update with Sam Ruiz

The Magnificent 7 significantly outpaced other stocks in 2023, Sam Ruiz, Equity Portfolio...

By Samuel Ruiz

Samuel Ruiz Portfolio Specialist

January 2024 / INVESTMENT INSIGHTS

Investing in China means embracing discomfort

Investing in China means embracing discomfort...

Sentiment toward China is weak, but opportunities exist for investors who seek them

By Justin Thomson

Justin Thomson Chief Investment Officer International Equity

January 2024 / INVESTMENT INSIGHTS

Is Now the Time to Redeploy Cash?

Historical performance of federal funds interest rate cycle peaks could help investors...

By Terry Davis & Andrew Wick

January 2024 / INVESTMENT INSIGHTS

Is the market broadening?

Will small-caps eventually “show up” for investors?

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

January 2024 / INVESTMENT INSIGHTS

Three important insights from 2023

A focus on bond yields, the Magnificent 7, and the Fed pivot

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist, Multi-Asset Division

January 2024 / GLOBAL MARKET OUTLOOK

How we're capitalising on a big chunk of change

How we're capitalising on a big chunk of...

2024 Global Market Outlook Infographic

Q4 Show

December 2023 / INVESTMENT INSIGHTS

Global Markets Monthly Update - December 2023

Global Markets Monthly Update - December...

December 2023 / EMERGING MARKETS

Time to rethink traditional thinking in emerging markets

Time to rethink traditional thinking in emerging...

Time to rethink traditional thinking in emerging markets

By Christopher J. Kushlis

Christopher J. Kushlis Head of China and Emerging Markets Macro Strategy

December 2023 / INVESTMENT INSIGHTS

Seize the opportunities in a new era for global equities

Seize the opportunities in a new era for...

Evidence points to a new equilibrium path for equity investors to follow.

By David J. Eiswert & Nabil Hanano

December 2023 / WEBINAR

2024 Global Market Outlook Webinar

Recession risk. Tightening credit. Mixed economic signals.

By Arif Husain, Sébastien Page & Justin Thomson

December 2023 / INVESTMENT INSIGHTS

Global Markets Monthly Update - November 2023

Global Markets Monthly Update - November...

December 2023 / GLOBAL MARKET OUTLOOK

Australia Market Outlook: Challenges But Also Opportunities

Australia Market Outlook: Challenges But...

By Randal S. Jenneke

Randal S. Jenneke Head of Australian Equity at T. Rowe Price

December 2023 / GLOBAL MARKET OUTLOOK

2024 Global Market Outlook

Tectonic shifts create new opportunities

By Arif Husain, Sébastien Page & Justin Thomson

December 2023 / GLOBAL MARKET OUTLOOK

China: Time to revisit an unloved asset class

By Wenli Zheng

Wenli Zheng Portfolio Manager, China Evolution Equity Strategy

December 2023 / GLOBAL MARKET OUTLOOK

Europe must tread a fine line to avoid stagnation

By Tomasz Wieladek

Tomasz Wieladek Chief European Economist

December 2023 / GLOBAL MARKET OUTLOOK

Broadening Equity Horizons

By Arif Husain, Sébastien Page & Justin Thomson

December 2023 / GLOBAL MARKET OUTLOOK

Navigating Macroeconomic Fog

By Arif Husain, Sébastien Page & Justin Thomson

December 2023 / GLOBAL MARKET OUTLOOK

Rethinking Fixed Income

By Arif Husain, Sébastien Page & Justin Thomson

December 2023 / VIDEO

2024 Global Market Outlook Summary video with Ritu Vohora

2024 Global Market Outlook Summary video...

By Ritu Vohora

Ritu Vohora Investment Specialist, Capital Markets

December 2023 / INVESTMENT INSIGHTS

Blue Bonds: A Growing Resource for Sustainability Financing

Blue Bonds: A Growing Resource for Sustainability...

Blue bonds provide financing for ocean-friendly or clean water projects in support...

By Matthew Lawton & Tongai Kunorubwe

December 2023 / VIDEO

Artificial Intelligence: The New Electricity?

AI has the potential to be the biggest productivity enhancer to the global economy...

By Dominic Rizzo

Dominic Rizzo Portfolio Manager, Global Technology Equity

November 2023 / INVESTMENT INSIGHTS

Integrating ESG Preferences in Asset Allocation

Optimizing with an added ESG risk constraint.

By Wenting Shen & Nathan Wang

November 2023 / INVESTMENT INSIGHTS

As climate risks intensify, investment analysis must rise to the challe...

As climate risks intensify, investment analysis must rise to the challenge

As climate risks intensify, investment analysis...

Addressing the challenge of integrating climate change dynamics into investment decision-m...

By Maria Elena Drew

Maria Elena Drew Director of Research, Responsible Investing, TRPA

November 2023 / GLOBAL FIXED INCOME

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 Global Fixed Income and CIO

November 2023 / GLOBAL FIXED INCOME

High Yield Bond Market Changes Provide Support

Transformations have bolstered high yield for a modest downturn.

By Paul Massaro, Rodney M. Rayburn & Jason Bauer

October 2023 / MULTI-ASSET INSIGHTS

The View from the Knife's Edge: A New Market Regime

The View from the Knife's Edge: A New Market...

A new market regime isn’t necessarily a reason to be bearish.

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

October 2023 / GLOBAL MARKETS

Global markets monthly update - October 2023

October 2023 / IMPACT INVESTING

The Need to Make an Impact Is Greater Than Ever

The Need to Make an Impact Is Greater Than...

By Hari Balkrishna

Hari Balkrishna Portfolio Manager, Global Impact Equity Strategy

October 2023 / VIDEO

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 & Mike Hyland

October 2023 / VIDEO

The Inflation Battle May Not Be Over

Timothy C. Murray, Capital Markets Strategist

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

October 2023 / ECONOMICS

The Impact of the Israel-Hamas War on Oil Prices

The Impact of the Israel-Hamas War on Oil...

Amid near-term pressures, secular drivers will likely remain intact.

By Shinwoo Kim & Jacqueline H. Fortner

October 2023 / MULTI-ASSET

The Inflation Battle May Not Be Over

An uptick in some prices could mean higher rates for longer

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist, Multi-Asset Division

October 2023 / GLOBAL FIXED INCOME

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

October 2023 / VIDEO

Two Key Risks Facing Consumer Spending, the Engine of the US Economy

Two Key Risks Facing Consumer Spending, the...

Consumer fundamentals seem to be weakening from a strong position

By Blerina Uruçi

Blerina Uruçi Chief U.S. Economist

October 2023 / ECONOMICS

Why the “High for Longer” Narrative Is Flawed

Central banks will likely ease sooner than expected

By Nikolaj Schmidt

Nikolaj Schmidt Chief Global Economist

October 2023 / ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

Counting the Cost of Biodiversity Loss

Addressing the challenge of integrating biodiversity into investment analysis

By Tongai Kunorubwe

Tongai Kunorubwe TRPA Head of ESG, Fixed Income

October 2023 / INVESTMENT INSIGHTS

Keeping Pace With the Energy Transition

Energy transition has broad economic, political, and investment implications

By Maria Elena Drew

Maria Elena Drew Director of Research, Responsible Investing, T. Rowe Price Associates, Inc.

Q3 Show

September 2023 / MARKETS & ECONOMY

Global Markets Monthly Update

September 2023 / U.S. FIXED INCOME

The Case for a Strategic Allocation to High Yield Bonds

The Case for a Strategic Allocation to High Yield ...

Hybrid characteristics provide attractive risk/reward profile.

By Kevin Loome & Ashley Wiersma

September 2023 / ECONOMICS

A Government Shutdown Would Pose a Small Threat to Markets

A Government Shutdown Would Pose a Small...

Theatrics aside, a budget agreement seems likely in the near term.

By Gilad Fortgang

Gilad Fortgang Washington Associate Analyst, US Equity Division

September 2023 / MARKETS & ECONOMY

The Resilient Engine of the US Economy Could Stall

The Resilient Engine of the US Economy Could...

Consumer fundamentals seem to be weakening from a strong position

By Blerina Uruçi

Blerina Uruçi US Economist

September 2023 / MARKETS & ECONOMY

Central Banks Should Be Wary of Quantitative Overtightening

Central Banks Should Be Wary of Quantitative...

They may not fully understand its impact.

By Tomasz Wieladek

Tomasz Wieladek Chief European Economist

September 2023 / GLOBAL FIXED INCOME

The Fairy Tale of a Soft Landing

The consensus view shift toward a mild downturn looks misplaced.

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

September 2023 / INVESTMENT INSIGHTS

A Surprising Rise in US Treasury Yields

Rate volatility is likely to persist as Fed pursues 2% inflation target

By Christina Noonan

Christina Noonan Associate Portfolio Manager, Multi‑Asset Division

September 2023 / INVESTMENT INSIGHTS

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 / VIDEO

China Deleveraging, Defaults, Deflation - Capitalizing on opportunities...

China Deleveraging, Defaults, Deflation -...

September 2023 / INVESTMENT INSIGHTS

Emerging Markets—Dancing to Their Own Beat

Central banks set to kick off easing cycles as inflation cools.

By Christopher J. Kushlis

Christopher J. Kushlis Chief of China and Emerging Markets Macro Strategy

September 2023 / EMERGING MARKETS

Why You Should Consider a Better Future for EM Equities

Why You Should Consider a Better Future for...

Turnaround factors are forming to support emerging markets.

By Ernest C. Yeung

Ernest C. Yeung Portfolio Manager, Emerging Markets Discovery Equity Strategy

September 2023 / MARKET EVENTS

Regional Banks Stabilize, Yet Pressures Remain

Regulatory changes will do little to solve higher cost of funding.

By Matt J. Snowling & Pranay Subedi

September 2023 / U.S. GOVERNMENT POLICY

Regulating the AI Revolution: What Investors Need to Know

Regulating the AI Revolution: What Investors...

Competition with China and consumer safety are key themes.

By Gilad Fortgang

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

September 2023 / VIDEO

Big Data and AI: Risk and Opportunity in Infrastructure Software

Big Data and AI: Risk and Opportunity in...

As AI automates more processes, the volume, variety, and speed of data should increase....

By Sam Johnson

Sam Johnson Infrastructure Software Analyst, U.S. Equity Division

September 2023 / FIXED INCOME

Chinese Economic Weakness Elevating Investor Concerns

Chinese Economic Weakness Elevating Investor...

Despite weakness, China’s core financial system seems insulated.

By Samy Muaddi, Christopher J. Kushlis & Michael Summers

August 2023 / ESG

Prepare for the Sustainability Capital Wave

It could rival the Industrial Revolution in scale.

By Justin Thomson & Christopher Vost

August 2023 / MARKETS & ECONOMY

Global Markets Monthly Update

August 2023 / MARKETS & ECONOMY

China’s Economy Faces Renewed Pressures

Property sector weakness weighing on confidence

August 2023 / ESG

2023 TRPIM Proxy Voting Summary

Key trends in T. Rowe Price Investment Management’s proxy voting activity over the...

By Christopher Whitehouse

Christopher Whitehouse Regional Head of Corporate Governance

August 2023 / ESG

2023 Proxy Voting Summary

Key trends in T. Rowe Price’s proxy voting activity over the past year.

By Donna Anderson & Jocelyn Brown

August 2023 / MULTI-ASSET

Inflation Globalization

Understanding the drivers of domestic and global inflation.

By Multiple Authors

August 2023 / VIDEO

Leaning Into Real Assets

Attractive valuations and improving fundamentals may boost commodities.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

August 2023 / MULTI-ASSET

Keep Long and Carry On

High yield bonds paired with long-term Treasuries offer attractive carry.

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and Chief Investment Officer

August 2023 / VIDEO

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...

By Razan Nasser

Razan Nasser Sovereign Research Analyst, Fixed Income

August 2023 / ASSET ALLOCATION

Leaning Into Real Assets

Attractive valuations and improving fundamentals may boost commodities.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist Multi‑Asset Division

August 2023 / GLOBAL FIXED INCOME

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 Global Fixed Income and CIO

August 2023 / INVESTMENT INSIGHTS

Buy and Align—The Next-Generation Buy and Maintain Portfolios

Buy and Align—The Next-Generation Buy and...

Introducing the Net Zero Transition Product Framework to help clients meet income...

By Steve Boothe, David Stanley & Matthew Lawton

July 2023 / MARKETS & ECONOMY

Global Markets Monthly Update

July 2023 / IMPACT INVESTING

How Impact Investing Can Help Address ESG Skepticism

How Impact Investing Can Help Address ESG...

Using measurement and engagement to tackle ESG fractures head-on

By Hari Balkrishna

Hari Balkrishna Portfolio Manager, Global Impact Equity Strategy

July 2023 / INVESTMENT INSIGHTS

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

July 2023 / INVESTMENT INSIGHTS

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

Scott Solomon Co‑portfolio Manager, Dynamic Global Bond Strategy

July 2023 / INVESTMENT INSIGHTS

Post-Pandemic Trends Support Credit Quality in Health Care

Post-Pandemic Trends Support Credit Quality...

Collaboration across health care industries reveals credit trends

By Domingo Villarruel, Marianna Korpusova & Mitchell Unger

July 2023 / INVESTMENT INSIGHTS

Where Now for Global Equity Markets?

Five forces defining the equity cycle.

By Scott Berg

Scott Berg Portfolio Manager, Global Growth Equity Strategy

July 2023 / ASSET ALLOCATION VIEWPOINT

U.S. Equities Are Back in Favor

Earnings outlook for U.S. companies is trending positive.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist, Multi‑Asset Division

July 2023 / INVESTMENT INSIGHTS

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 Global Fixed Income and CIO