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Global Asset Allocation Viewpoints

Read our committee’s tactical views, positioning, risks, and opportunities across global assets.

July 2026, Multi-Asset

Outlook
  • Markets have continued to push higher despite geopolitical uncertainty, supported by resilient earnings and ongoing AI-driven investment, even as inflation and policy risks remain.
  • The global economy continues to benefit from fiscal spending and investment in AI infrastructure, though growth is becoming more uneven across regions and the path of energy prices remains uncertain.
  • The policy outlook remains uncertain as central banks balance lingering inflation pressures against concerns about moderating growth and a gradually softening labor market, leaving the path for interest rates increasingly data dependent.
  • Key risks include a renewed rise in energy prices and inflation, further geopolitical escalation, continued reliance on a narrow set of market leaders, and signs of deterioration in labor markets or private market liquidity.

Markets continued to move higher despite geopolitical uncertainty, supported by resilient earnings and AI-driven investment. However, inflation, energy prices, and policy uncertainty remain key risks. With the Fed appearing less inclined to guide markets toward a clear policy path, interest rate and yield curve volatility may persist. T. Rowe Price remains neutral on equities overall, favoring U.S. growth, emerging markets, small caps, and real assets, while maintaining a cautious stance on duration through underweights to long-term U.S. Treasuries and core bonds.


 

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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 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.

Risks: All investments are subject to risk, including possible loss of principal. Stock prices can fall because of weakness in the broad market, a particular industry, or specific holdings. 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—Issued in the USA by T. Rowe Price Investment Services, Inc., distributor and T. Rowe Price Associates, Inc., investment adviser, 1307 Point Street, Baltimore, MD 21231, which are regulated by the Financial Industry Regulatory Authority and the U.S. Securities and Exchange Commission, respectively.

© 2026 T. Rowe Price. All Rights Reserved. T. Rowe Price, INVEST WITH CONFIDENCE, the Bighorn Sheep design, and related indicators (see troweprice.com/ip) are trademarks of T. Rowe Price Group, Inc. All other trademarks are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of T. Rowe Price with any of the trademark owners.

202607-5727173

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A complete list and description 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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