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2025 Midyear Market Outlook: Investing in a Post‑Globalization World

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According to Eric Veiel, CFA®, Head of Global Investments and Chief Investment Officer at T. Rowe Price, this investment outlook highlights that 2025 has brought unexpectedly rapid changes driven by trade policy shifts and deglobalization, particularly between the U.S. and China. This process is reconfiguring global markets with significant implications for investors.

Key market implications include equity markets becoming less concentrated as the "Magnificent Seven" tech stocks' dominance diminishes, creating opportunities for broader market leadership including non-U.S. stocks. In bond markets, German fiscal expansion combined with U.S. tariff policies has triggered higher inflation expectations and sovereign bond yields, though corporate bond quality has improved.

T. Rowe Price's investment strategy response focuses on inflation protection through real assets like real estate and commodities, favoring value over growth stocks, and maintaining a modest preference for non-U.S. equities. The authors emphasize that this deglobalized environment will create different investment opportunities requiring adaptive strategies, heightened vigilance, and willingness to abandon previous assumptions as policy clarity emerges.

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T. Rowe Price

T. Rowe Price is a global asset management firm founded in 1937, with USD $1.8 trillion1 in assets under management and offices in 17 markets across four continents. Our investment philosophy is built on proprietary credit and equity research, disciplined risk management, and a collaborative, client-focused culture. We are dedicated to delivering investment excellence and tailored solutions for individuals, advisors, institutions, and retirement plan sponsors.

Since 1985, T. Rowe Price has managed insurance assets and currently oversees USD $35 billion1 in Insurance General Accounts for U.S. and international clients through T. Rowe Price and its subsidiaries.

Our deep fundamental expertise, combined with engaged and integrated relationship and investment management teams, enables us to provide insurance clients with thoughtful partnerships focused on compelling risk-adjusted outcomes. This highly interactive approach to client engagement is a key differentiator that reinforces T. Rowe Price’s service-oriented culture.

Ben Riley 
Head of Insurance 
benjamin.riley@troweprice.com 410-345-2223

Chase Uhlein, CFA
Senior Relationship Manager
chase.uhlein@troweprice.com 410-577-3077

Blayze Hanson, CFA
Senior Relationship Manager
blayze.hanson@troweprice.com

Taylor Davis 
Relationship Manager 
taylor.davis@troweprice.com 410-577-2054

1307 Point Street
Baltimore, MD 21231

 

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