Industry news and views from Panacea and our partners.
T. Rowe Price
T.Rowe Price: How the U.S. tax bill could impact the economy and bond markets
Donald Trump’s landmark tax and spending bill is sharpening the focus on the country’s challenging fiscal position for financial markets. This bill could be passed as soon as this summer, and here we explore the potential implications for the deficit, economy, and bond markets.
T.Rowe Price: Midyear Market Outlook
The year 2025 was always going to be one of change, but the speed and extent of developments have taken almost everybody by surprise. The full impact of trade policy shifts has yet to unfold, but it is clear that the global trading system is being reconfigured before our eyes, with profound implications for financial markets.
T.Rowe Price: U.S. dollar negatives to take precedence in longer run
During recent client meetings, my outlook for higher U.S. Treasury yields in the longer term has often been high on the agenda. Clients have also been keen to hear my views on the U.S. dollar since the two markets are interrelated.
T.Rowe Price: Weekly Market Recap
Our Global Investment Solutions team produce a weekly market recap which aims to summarise the previous week’s major events and developments that may impact markets. They try to include points that may aid you in your decision making or conversations with clients. This is supplemented by a market data sheet, offering a summary of financial market performance. Last week’s summary is below.
T.Rowe Price: Beyond sequencing risk: Dynamic withdrawals for retirement
One of the most pertinent investment risks that retirees face is sequencing risk—the danger that poor market conditions early in retirement will deplete their wealth at a faster?than?expected rate as low or negative returns coincide with portfolio withdrawals.
T.Rowe Price: Safe havens in 2025? It's a complicated relationship
During times of market turmoil, investors regularly seek comfort and stability in “safe-haven” assets like gold, U.S. Treasuries, and the dollar. But in 2025, the relationship is complicated. One moment safe havens are the ultimate source of security; the next, they’re betraying expectations.
T.Rowe Price: The Long View: Interview with Jensen Huang, Founder and CEO of Nvidia Corporation
In these special episodes of “The Angle,” Eric Veiel, head of Global Investments and chief investment officer at T. Rowe Price Associates, welcomes CEOs and industry leaders to share their personal stories, leadership strategies, and lessons learnt from running successful companies. Listen as we pull back the curtain on what it truly takes to lead a company in today’s fast-paced and ever-changing business landscape.
T.Rowe Price: Are U.S. Treasuries still a shelter from recession?
When stock prices fall sharply, U.S. Treasuries historically have tended to rally. However, that has not been the case during the recent tariff-related stock market slump. Investors may need to consider alternative ways to seek shelter from the storm.
T.Rowe Price: Tariffs create uneven outcomes, but they can also present opportunities
Tariffs are taxes imposed by the federal government on imported goods and services and are paid by the domestic company or individual importing the goods. They are used to increase the relative cost of foreign goods and services and serve various purposes: generating revenue for the government, protecting domestic industries from foreign competition, and influencing trade policies.
T.Rowe Price: Adapting to structural market changes
The main theme of the first quarter of 2025 was “rotations.” Previous leadership of U.S. large-cap growth stocks came under assault in response to tariff announcements and U.S. policy uncertainty. The market priced in policies that included a shift in European defense spending from the U.S. to Europe, federal government employment cutbacks in the U.S., and an acknowledgment from President Trump that he is willing to endure short-term economic pain for potential long-term economic gain.
T.Rowe Price: The losers and (relative) winners of Trump's shapeshifting tariff war
Despite widespread relief at Donald Trump’s 90?day pause on some of the more extreme tariffs he imposed on April 2, the prospect of the original rates being imposed has not gone away. While some countries may succeed in negotiating reduced tariffs over the next few months, others may not—and given the number of nations involved, the complexity of the issues being addressed and the tendency of the White House to make abrupt policy changes, it may be a while before a full picture emerges.
T.Rowe Price
When writing about Trump’s tariffs in February, I predicted that their bite would be worse than their bark. However, hardly any of us could have predicted the chunks that would be taken out of risk assets following Trump’s “Liberation Day” announcement on April 2. Watching the press conference, I was reminded of the opening scene of the (original) Gladiator movie, when the Romans are confronting the Barbarians. General Maximus tells his lieutenants to “unleash hell”—and a maelstrom ensues.
T.Rowe Price: In a world of flux, fundamentals (and active stock picking) matter
In an environment of increasingly wider U.S. market and economic outcomes, high-quality, “durable compounder” companies are best placed, in our view.
T.Rowe Price: A career defining moment for asset allocators
Following the news of a potentially significant shift in German and European government debt levels. German Bunds have witnessed some of their biggest moves since the GFC.
T.Rowe Price: Global Asset Allocation: The View From the UK
We have a more cautious view as broadly resilient global growth and receding inflation trends could be at risk to increased policy uncertainty, particularly around trade threats.
T.Rowe Price: Trump’s tariffs are a wild card for the global economy
The new U.S. administration’s planned tariffs will, if fully implemented, damage global trade, negatively impacting both the U.S. and its trading partners.
T.Rowe Price: AI agents and robotics: Key drivers of future tech innovation?
Our 2025 outlook for global technology remains optimistic as information technology spending increases and demand continues to surge for the semiconductor chips that are crucial for artificial intelligence (AI) innovation.
T.Rowe Price: The Long View: Interview with Larry Culp, Chairman and CEO of General Electric Aerospace
In these special editions of “The Angle,” Eric Veiel, head of Global Investments and chief investment officer at T. Rowe Price Associates, welcomes CEOs and industry leaders to share their personal stories, leadership strategies, and lessons learnt from running successful companies. Listen as we pull back the curtain on what it truly takes to lead a company in today’s fast-paced and ever-changing business landscape.
T.Rowe Price: 2025 Outlook for US Smaller Companies
US small cap stocks led the market forward at the end of 2024, where November was the fourth best month for small cap stocks since 1926. Is this set to continue in 2025?
T.Rowe Price: What will a second Trump presidency mean for markets?
Investors appear to expect Trump’s new term to be positive for U.S. stocks thanks to improved business confidence, deregulation, and stronger merger activity.
T. Rowe Price: 2025 Global Market Outlook
The world is transitioning at a pace and scale rarely seen before. Radical innovations in AI and healthcare. Elevated geopolitical tensions, including the raised possibility of tariffs following the US election. A potential slowdown in global growth. Times like these demand actionable insights and the skill of active management. Here’s what to know to navigate the shifts and opportunities ahead.
T.Rowe Price: U.S. exceptionalism has not run out of steam
The ingredients are present for another year of robust growth in the U.S. In recent years, healthy expansion in the U.S. has spilled over to the rest of the world, helping offset the softness in Europe and China. We expect this to continue in 2025.
T.Rowe Price: Value and small-caps could power international equities
The extent to which the inflation and interest rate shocks of 2022 are reshaping the dynamics of international (ex U.S.) equities should become clearer in 2025. We expect there to be more evidence of a broadening opportunity set that favors international stock markets—and, within them, value and small?cap stocks and countries such as Japan and South Korea.
T.Rowe Price: Finding income in high yield bonds, bank loans, and emerging markets
Despite the U.S. Federal Reserve starting its monetary easing cycle in September, yields could move higher if the central bank does not cut as deeply as markets expect. High yield bonds and bank loans remain the two fixed income sectors with the most potential to generate meaningful income in 2025, while emerging market bonds also present solid income opportunities.
T.Rowe Price: Radical innovations revealing real prospects in health care
Health care stocks have struggled since the pandemic amid rising costs and falling revenues, but a wave of innovation is transforming the sector’s prospects.
T.Rowe Price: Why it’s time to consider moving out of cash and into fixed income
It is time for investors to consider stepping out of cash as rates are expected to fall with the Federal Reserve now in an interest rate cutting cycle.
T.Rowe Price: Webinar: Structured Research Equity Analyst Spotlight
11th December, 3pm One of the enduring strengths of our Structured Research Equity strategies is that they provide access to the thinking and insights of our deep research expertise in its purest form. Our Analyst Spotlight webinar allows you to hear directly from these analysts.
T. Rowe Price: What Trump’s win means for policy, the economy, and markets
Republican Donald Trump’s victory in the U.S. presidential election gives him another chance to build on many of his priorities from his first term in the White House. An assertive approach to trade policy that leans heavily on tariffs is likely to be an area of emphasis, along with deregulation.
T.Rowe Price: Three policy developments to watch after U.S. election
Who the next president picks to head key federal agencies could provide early insights into antitrust, trade, defense, and foreign policies.
T. Rowe Price: From Political Risk to Political Alpha – Navigating the US Election
As we approach the end of 2024, we face the biggest election of what is a global election year. With a focus on the US and US capital markets we look back over the year and take stock of the market and economic predictions that were made; analyzing those that came to fruition and those that failed to materialize.