2023 Midyear Market Outlook

Finding the Signal Through the Noise

With interest rates rising and economic growth uncertain, it can be hard to feel confident about the near-term market outlook. But for active investors with an experienced eye, there are compelling opportunities to be found in stocks and bonds, both in the U.S. and overseas. Where are we finding these opportunities, and how are we using them to seek to benefit investors?

Our 2023 Midyear Market Outlook examines three key themes that are currently shaping markets. 

Put our insights into action.

Questions? Call us at 1-800-332-6161.

Hidden Opportunities in Today’s Market

Check out what we’re seeing in today’s financial markets and where we think investors could take advantage.


Watch: 2023 Midyear Market Outlook Webinar: Finding the Signal Through the Noise

Watch our senior investment leaders share insights into what could lie in store for the remainder of 2023.


2023 Midyear Market Outlook: Finding the Signal Through the Noise

Read about the ongoing economic uncertainties investors are facing today and what they need to be prepared for ahead.


Three Investment Themes

Key themes to follow in the second half of 2023. 

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T. Rowe Price Mutual Funds to Consider

Choose from our 3-, 4-, and 5-star Select Funds encompassing a broad range of asset classes.

Dynamic Global Bond Fund (RPIEX)

3-star Overall Morningstar Rating™ out of 288 dynamic global bond funds as of 8/31/2023.*

Overseas Stock Fund (TROSX)

3-star Overall Morningstar Rating™ out of 676 overseas stock funds as of 8/31/2023.*

Find more highly rated performers

Over 60 of our funds have earned a 4- or 5-star Overall Morningstar Rating™ as of 8/31/2023.*

Morningstar RatingsTM are based on risk-adjusted returns. Click on “Overall Morningstar Rating” for the fund’s 3-, 5-, and 10-year (if applicable) Morningstar RatingsTM.

All funds are subject to market risk, including possible loss of principal.

Explore More of Our Insights

Our investment and financial professionals give you firsthand insights and guidance on markets to help inform your investing journey.

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Past performance cannot guarantee future results.

All investments are subject to market risk, including the 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.

International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are magnified in emerging markets.

*Morningstar gives its best ratings of 5 or 4 stars to the top 32.5% of all funds (of the 32.5%, 10% get 5 stars and 22.5% get 4 stars) based on their risk-adjusted returns. The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar RatingTM metrics. As of 8/31/2023, 65 of 150 of our Investor Class funds (excludes funds not available for direct purchase) received an overall rating of 5 or 4 stars.

The Morningstar RatingTM for funds, or “star rating,” is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Source for Morningstar data: ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.