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Global Asset Allocation Viewpoints

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

June 2026, Multi-Asset

Outlook
  • Despite heightened geopolitical tensions that continue to fuel inflation pressures and weigh on growth, markets have remained remarkably resilient.
  • The global economy continues to be supported by fiscal spending and ongoing investment, particularly in AI infrastructure, although growth is moderating and higher energy prices are creating additional headwinds.
  • The monetary policy outlook has become increasingly complex as central banks balance persistent inflation pressures stemming from geopolitical conflict against signs of slowing economic activity and a soft labor market.
  • Key risks include a further escalation of the conflict with Iran, a sustained rise in energy prices, greater reliance on a narrow set of growth drivers, and signs of deterioration in labor markets and private market liquidity.

Markets have remained resilient despite geopolitical tensions, higher energy prices, persistent inflation pressures, and moderating growth. In our latest Global Asset Allocation Viewpoints, we examine how these forces are shaping tactical positioning across asset classes. Key themes include the potential for structurally higher interest rates and the growing role of technology within emerging markets, driven by AI, semiconductors, and digital platforms. Against this backdrop, our Asset Allocation Committee maintains a balanced stance, with selective opportunities in emerging markets, real assets, high yield, inflation-linked bonds, and small-cap equities.


 

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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.

202605-5478569

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