10th June 2022

T. Rowe Price’s Vohora: Separating globalisation and localisation

May was a volatile month for investors. The Fed hiked rates 50 bp for the first time in 22 years; the US experienced the largest quarterly drop in non-farm productivity since 1947; the longest losing streak for the S&P 500 (down for seven consecutive weeks) since 2001 finally concluded; and to top it off UK inflation hit 9% – the worst level since 1982.