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Global Asset Allocation Viewpoints

June 2025

Outlook
  • We maintain a cautious outlook on risk assets, as the challenges posed by disruptive trade policies weigh on the trajectory of global growth and inflation.
  • Negative sentiment around tariffs weighing on U.S. growth outlook, while fiscal policy impacts remain unclear. Economies outside the U.S. facing similar growth concerns, but with greater flexibility around monetary policy and with some acting on fiscal policy as an offset, including Europe and China.
  • Central banks may have to ease policy further to support growth, while the Fed may also have to balance rising inflationary pressures as a result of tariffs.
  • Key risks to global markets include the impacts of global trade tensions, threat of higher inflation, central bank missteps, and ongoing geopolitical tensions.

Global Asset Allocation Viewpoints for June 2025 highlight a cautious outlook on equities and bonds, driven by trade policy uncertainties and inflation concerns. U.S. growth is under threat from tariffs, while regions like Europe and China offer better opportunities due to fiscal spending and flexible monetary policies. Central banks might ease policies further to support growth. Key risks include geopolitical tensions and central bank missteps.


 

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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. Performance data quoted represents past performance which is not a 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.

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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.

202506-4564273

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