T. Rowe Price
Global market outlooks and investment insights from T. Rowe Price.
United States7 articlesLast published 1 Jun 2024
Multi-AssetEquitiesFixed Income
Research
T. Rowe PriceEquities
Finding the key to unlocking a US$200 billion opportunity | T. Rowe Price
T. Rowe Price analysts report on a research visit to Eli Lilly's headquarters, covering the commercial potential of GLP-1 drugs (tirzepatide, semaglutide) and the oral molecule Orforglipron, which they believe could unlock a total addressable market exceeding US$200 billion. The piece outlines Eli Lilly's capacity expansion plans, Phase 3 trial progress for Orforglipron, and the strategic importance of an oral GLP-1 formulation for markets outside the US.
1 Jun 2024
T. Rowe PriceFixed Income
Ahead of the Curve - “Shadow banking system” creates a trickier path for the Fed | T. Rowe Price
T. Rowe Price examines the rapid growth of nonbank lending in the U.S. since 2016 and its implications for the banking system and Federal Reserve policy. The piece argues that banks are increasingly shifting from credit risk to liquidity risk - via revolving credit facilities to private credit and mortgage originators - and that the interaction between quantitative tightening and nonbank lending dynamics makes an earlier-than-expected end to QT likely.
1 Jun 2024
T. Rowe PriceMulti-Asset
The inflation roller coaster | T. Rowe Price
T. Rowe Price's Asset Allocation Committee examines the diverging trends in U.S. goods and services inflation, noting that while goods inflation has cooled, shelter inflation is likely to re-accelerate over the next 12 months based on lagged home price dynamics. Given persistent inflation risks from both services stickiness and potential goods reflation driven by deglobalization and decarbonization, the committee maintains overweight positions in assets that historically benefit in rising inflation environments.
1 Jun 2024
T. Rowe PriceFixed Income
No green without blue: How blue bonds could support climate goals | T. Rowe Price
T. Rowe Price examines blue bonds as an emerging sustainable finance instrument that mobilizes capital for ocean-friendly and clean water projects, arguing that ocean health is inseparable from achieving net-zero climate goals. The piece outlines sector-specific use cases - maritime shipping decarbonization, plastic waste reduction, and offshore renewable energy - where blue bond financing could drive meaningful emissions reductions.
1 Jun 2024
T. Rowe PriceEquities
Could the Volatility Index (VIX) be broken? | T. Rowe Price
T. Rowe Price examines why the VIX has remained subdued despite recent equity market sell-offs, attributing the change to two structural trends: the surge in zero-days-to-expiration (0DTE) options reducing demand for one-month OTM puts, and the rapid growth of call-overwriting ETFs increasing OTM call supply. The paper concludes the VIX is not broken but has structurally changed character - becoming "less fear and more cheer" - with implications for how investors should interpret it as a market fear gauge.
1 Jun 2024
T. Rowe PriceMulti-Asset
Emerging Markets Face a Highly Varied Growth Outlook | T. Rowe Price
T. Rowe Price's Q3 2022 investment insights piece examines the divergent macroeconomic conditions across emerging market regions, highlighting elevated inflation and aggressive rate hikes in Latin America and CEE versus more promising growth prospects in Asia as economies reopen. The piece also covers geopolitical risks from the Russia-Ukraine war, EM fiscal consolidation trends, and the outlook for local rates and currencies.
1 Jun 2022
T. Rowe PriceCommodities
Russia’s Invasion of Ukraine Prompts U.S. Energy Policy Shift | T. Rowe Price
T. Rowe Price examines how Russia's invasion of Ukraine has pushed the Biden administration toward a more favorable stance on U.S. LNG exports, creating potential policy tailwinds for domestic natural gas producers and pipeline infrastructure. The piece also addresses near-term oil policy options and argues that these pragmatic shifts do not signal any retreat from the administration's long-term clean energy transition agenda.
1 Jun 2022