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Global Asset Allocation Viewpoints

October 2025

Outlook
  • We maintain a balanced view on risk assets, buoyed by fiscal stimulus and accommodative central bank policies helping support economic growth, against a backdrop of elevated valuations and lingering inflation.
  • U.S. economic growth is supported by fiscal spending and the possibility of further Fed easing, as concerns have shifted to the labor market.
  • Outside the U.S., growth supported by fiscal and monetary stimulus helping offset potential weakness from tariffs. A de-escalation in trade tensions and pro-growth policy shift improving sentiment toward China.
  • Key risks to global markets include the lingering impacts of global trade tensions, sticky inflation, potential policy missteps by central banks, a weakening labor market, and ongoing geopolitical tensions.

The October 2025 Global Asset Allocation Viewpoints reflect a balanced outlook, with support for risk assets from fiscal stimulus and central bank policies offset by concerns about elevated valuations, stubborn inflation, and a weakening labor market. Tactical portfolio positioning remains neutral on equities, underweight on bonds—especially U.S. long-term Treasuries—and modestly overweight on cash to capitalize on attractive yields and maintain flexibility amid market uncertainties.


 

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Global Asset Allocation Viewpoints

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IMPORTANT INFORMATION

This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice  of any nature, including fiduciary investment advice. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe  Price investment products and services. Past performance is no guarantee or a reliable indicator of future results.

This information is not intended to reflect a current or past recommendation concerning investments, investment strategies, or account types, advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. The opinions and commentary provided do not take into account the investment objectives or financial situation of any particular investor or class of investor. Please consider your own circumstances before making an investment decision.

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.

Risks: All investments are subject to risk, including possible loss of principal. Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest- rate risk. As interest rates rise, bond prices generally fall. Diversification does not assure a profit or protect against a loss in a declining market.

USA: T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. © 2025 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design, and related indicators (https://www.troweprice.com/en/intellectual-property) are trademarks of T. Rowe Price Group, Inc. All other trademarks are the property of their respective owners.

202510-4879290

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