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Capital market assumptions 2025

Capital Group shares its 2025 capital market assumptions with insights on the global economy and expectations for equities, fixed income and currencies. The team examines trends such as:

  • Will real rates remain positive in the long run?
  • Will buyouts continue to support equity returns?
  • How competitive are equity and bond yields?
  • What does the U.S. technology edge mean for its stock markets?
  • How have elections impacted trade and immigration policies, and what trends are keeping optimism high?
  • What actions are central banks taking to control inflation, and how are these actions affecting bond returns?
  • What factors are driving strong equity market gains, and what could future returns depend on?

Download the 2025 capital market assumptions for a detailed report on all major asset classes and markets.*

Capital market assumptions 2025

Complete the form to download your copy now.*

*When you download the report, you also will be subscribed to Capital Ideas™, a biweekly newsletter of the latest insights from Capital Group.

This analysis represents the views of a small group of investment professionals based on their individual research and are approved by the Capital Market Assumptions Oversight Committee. They should not be interpreted as the view of Capital Group as a whole. As Capital Group employs The Capital System™, the views of other individual analysts and portfolio managers may differ from those presented here. They are provided for informational purposes only and are not intended to provide any assurance or promise of actual returns. They reflect longterm projections of asset class returns and are based on the respective benchmark indices, or other proxies, and therefore do not include any outperformance gain or loss that may result from active portfolio management. Note that the actual results will be affected by any adjustments to the mix of asset classes. All market forecasts are subject to a wide margin of error.

This content is intended to highlight issues and be of a general nature. It should not be considered advice, an endorsement or a recommendation. Products mentioned are not an offer of the product and may not be available for sale or purchase in all countries. All investments have risk, and you may lose money.

Past results are not a guarantee of future results.

Advisory services offered through Capital Research and Management Company (CRMC) and its RIA affiliates. Capital Client Group, Inc., member FINRA.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.
Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. This information is intended to highlight issues and should not be considered advice, an endorsement or a recommendation.
Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.
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This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.