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2023 Midyear Market Outlook
Finding the Signal Through the Noise
The global economy avoided recession in the first half. As investors move into the second half of 2023, distinguishing the signal from the noise could be especially critical as higher interest rates and tighter liquidity are fully felt.
Three Themes to Watch in 2023
THEME 1
Economic Resilience Tested
We believe it is reasonable to be reluctantly bearish on financial markets for the balance of 2023. Concerns remain centered on inflation, policy, and recession – but mixed data complicates the outlook.
THEME 2
Bonds Are Back?
The sharp rise in bond yields since early 2022 has improved return potential in many fixed income sectors. But an aggressive portfolio shift into longer‑term bonds still appears premature.
THEME 3
A Focus on Earnings
Equity markets have delivered strong gains in the first half of 2023, however a focus on valuations and earnings will be important in the second half, amid a potential growth shock.
2023 China Midyear Market Outlook
A more broad-based recovery after initial reopening, though some bumpiness is expected.
2023 Japan Midyear Market Outlook
Macro risks have risen, but the outlook for Japan appears bright.
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This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. Past performance is not a reliable indicator of future performance. Investment involves risks. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.
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Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.
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