Inflation/Interest Rates: Potential higher-than-expected inflation could lead to a significant rise in the U.S. 10-year Treasury yield, which may negatively impact stock valuations and prompt the Federal Reserve to maintain a delicate balancing act with monetary policy.

Market Volatility/Investor Sentiment: Persistent investment outflows and challenging market conditions continue to pose risks to T. Rowe Price's Assets Under Management (AUM) and fee-based revenues. Elevated market valuations also suggest limited room for further expansion in price-to-earnings (P/E) ratios.

Economic Growth/Recession Concerns: Macroeconomic indicators are pointing towards a 'challenging' first half of 2026, and a rising U.S. unemployment rate could trigger a sell-off in equities. Additionally, global growth weaknesses, a strong U.S. dollar, and potential government policy changes could all negatively affect the broader economy and investor confidence.