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T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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2022 Midyear Market Outlook

Transitioning to a New Paradigm

Investors entered 2022 hoping it would be a year of ‘normalization,’ with diminishing market distortions related to the pandemic and the gradual fading of unprecedented stimulus as central banks moved from quantitative easing to quantitative tightening.

Although rising inflation expectations increased the risk that central banks would need to raise interest rates sharply, economic growth was widely expected to remain resilient. However, Russia’s invasion of Ukraine has presented investors with new challenges. Beyond the human tragedy, the economic, financial, and political shocks could be disruptive for many years.

We are now at an inflection point in history—the world is going to change in ways that are difficult to predict. With bond yields moving higher, a focus on valuations and profit margins will be critical for navigating markets in the second half.

Four Key Investment Themes in 2022

Navigating Challenging Currents


Fixed Income

Managing Through Geopolitical Risks



Webinar Replay

2022 Midyear
Market Outlook

The first half of 2022 has been unpredictable but there is hope to a brighter second half of the year. 

Our investment experts discuss valuable insights on the four key themes shaping global markets, and what you can do to prepare for what’s ahead. 

Midyear Market Outlook Speakers

Arif Husain, CFA

Chief Investment Officer,
International Fixed Income

Sébastien Page, CFA

Chief Investment Officer,
Head of Global Multi-Asset

Justin Thomson

Chief Investment Officer,
International Equity

Ritu Vohora, CFA

Investment Specialist,
Capital Markets

MYMO Booklet

Adjusting to an Uncertain Future 

Heading into the second half, inflation and rising interest rates remain the most serious threats global investors face.


View now to take a deeper dive into the four key investment themes our experts are monitoring during the remainder of the 2022 year.

Summary Video [2 Minutes]

Inflation and rising interest rates remain the most serious threats investors face. While equity performance is likely to depend on the outlook for economic and earnings growth, positive stock/bond correlations suggest that investors may want to consider new diversification approaches.

Latest Market Insights

Explore our insights and analysis on global markets from our team of investment experts.