T. Rowe Price's Ritu Vohora: Balancing act

What a difference a year makes. A year ago, we were bracing for the most anticipated recession in history with the 10-year US Treasury yield threatening to push below 3%. Flash forward a year later, the US 10-year yield briefly hit a multi-decade high of 5% while stock markets are basking in record territory.

So, what does the outlook for growth and asset prices hold for us in 2024? There are more reasons to be optimistic. How big an impact could global elections have on portfolio allocation in 2024? Recent data hints at a tactical bounce in activity and on average a more constructive outlook on growth in the near term. Most notably, PMI manufacturing surveys are firming after a weak 2023 as inventories adjust. Inflation has moderated significantly and while labour markets remain resilient, they have shown some signs of cooling. Unemployment rates remain low but are above pos...