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A Long-Awaited Reversal

Near-term tailwinds could favor international markets

Tim Murray Capital Markets Strategist, Multi‑Asset Division
T. Rowe Price,  February 2023

Key Insights

  • After nearly a decade of outperformance, U.S. equities trailed the rest of the world in 2022, and many wonder if this shift in performance will continue in 2023.
  • In our view, improved economic outlooks in China and Europe, coupled with a weaker U.S. dollar, may favor international markets in the near term.


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