T. Rowe Price
The latest research and outlooks in the ProAllocate library
- Macro
Post midterms: What’s next for policy, the economy, and financial markets?
T. Rowe Price's Gil Fortgang, Blerina Uruçi and Tim Murray argue divided US government after the midterms limits major legislation, with 2027's economy and markets driven more by energy prices, Fed policy and AI investment than election outcomes. Fiscal pressures, debt-ceiling brinkmanship and sector-specific dynamics are likely to matter more for investors than the political shift itself.
- Fixed Income
Beyond the AI boom: A framework for evaluating data center bonds
T. Rowe Price's Ashley Tennyson and Ellen Murnaghan outline a proprietary four-pillar framework—tenant use, power, water and efficiency—for assessing data center bond financings. They argue it complements traditional credit analysis and helps determine whether such deals qualify for impact-oriented fixed income mandates.
- Fixed Income
Beyond the AI boom: A framework for evaluating data center bonds
T. Rowe Price presents a proprietary four-pillar framework—tenant use, electricity/grid, water, and efficiency—to assess environmental and social risks in data center debt financing. The firm argues this analysis complements credit analysis and determines whether such deals credibly qualify for impact or labeled bond mandates.
- Fixed Income
Beyond the AI boom: A framework for evaluating data center bonds
T. Rowe Price presents a proprietary four-pillar framework assessing tenant use, power, water and efficiency to evaluate data center debt deals, arguing few projects qualify credibly for impact-labeled fixed income mandates.
- Thematics
The ChatGPT moment in transportation? Autonomous driving nears commercial inflection
T. Rowe Price argues autonomous vehicles are nearing commercial scale and could become a major AI application, favoring multi-sensor, verifiable systems like Waymo and Aurora over Tesla's camera-only approach. It expects safety validation and first-mover advantages to determine winners in robotaxi and long-haul trucking markets.
- Portfolio Construction
In the age of AI, better questions are the new investment edge
As AI rivals human superforecasters, T. Rowe Price argues investment edge shifts from answering questions to asking them, with intellectual humility and probabilistic thinking becoming key differentiators.
- Pensions
What the regulatory backdrop means for private assets in DC plans
T. Rowe Price argues the DOL's 2026 proposal keeps ERISA asset-neutral while offering fiduciaries a process-based safe harbor for private assets in DC plans. Allocations should pass through disciplined evaluation of performance, fees, liquidity, valuation, benchmarking and complexity.
- Equities
The Consumer Staples Reset
T. Rowe Price's Steven Strycula argues consumer staples face weakened earnings momentum from AI competition and tariff-driven cost pressure, prompting a research framework prioritising asset quality and capital allocation, with energy drinks as a standout long-term growth category.
- Equities
Living in a world of extremes: Why portfolio construction matters more than ever
T. Rowe Price's Laurence Taylor argues that surging factor volatility, record index concentration in AI-related mega-caps, and rising stock dispersion demand active, risk-aware portfolio construction rather than passive exposure. The firm's Integrated Equity approach combines fundamental research with quantitative risk management to limit reliance on any single return source.