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Will the Reflation Theme Continue in 2020?

A closer look at how fixed income markets could perform this year.

Global Fixed Income Team
T. Rowe Price, January 2020

Key Insights

  • Economic rebound still fragile as hard data continues to be soft.
  • Dispersion in performance of credit markets likely to continue.
  • Environment for emerging market countries supportive, but headline risks remain.

What’s in store for fixed income markets in 2020? If the market consensus is anything to go by, the reflation theme looks set to continue. This was a key discussion point during our latest policy meetings, where the investment team took a deep‐dive look into the macro environment to assess whether the conditions will continue to benefit risk assets this year - or whether investors should exercise some caution. 

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T. Rowe Price

Founded in 1937 by Thomas Rowe Price, Jr., T. Rowe Price is an independent investment management firm solely focused on providing investment management and long-term results for our clients.