2025 Q3 Market Outlooks

Emerging Risks, Selective Opportunities

Abstract Pink and Purple Swirling Paper Art

As the third quarter begins, institutional investors face a transformed investment landscape. Market volatility seems to have become a mainstay, with slowing global growth, diverging central bank policies, and tumult over tariffs all playing a key role in shaping the investment backdrop. The current market uncertainty brings with it unprecedented risks, and selective opportunities, while liquidity, flexibility, and true diversification beyond traditional assets are now strategic imperatives, not tactical options.

To help investors look through this complexity, PGIM brings together the following perspectives to unpack the opportunities and risks that are emerging across asset classes.

Fixed Income

Three themes stand out with the second half of 2025 underway

Multi-Asset Solutions

Five critical themes influencing the markets and opportunities across major asset classes.

Quantitative Solutions

Examining the market outlook amid policy uncertainty.

Real Estate

Underlying resilience reveals compelling areas of opportunity.

Fundamental Equities

Jennison's 2Q25 market review and 3Q25 outlook.

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MARKETS IN A POST-CONSENSUS WORLD

Webinar replay coming soon

In this mid-year outlook, we dissect risks institutional investors are most exposed to and where selective conviction is beginning to reemerge. Our speakers will explore:

  • The impact of volatile rates and inflation on investment flows
  • Whether policymakers’ messages are intensifying risks
  • Emerging areas of conviction revealing potential new opportunities
  • The role of AI in transforming investment strategies
Markets in a Post-Consensus World

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  • Markets in a Post-consensus World
     | July 24, 2025

    In this mid-year outlook, PGIM experts dissect where institutional investors are most exposed to regime lag, and where selective conviction is beginning to reemerge.

  • Q3 2025 Outlook for Global High Yield
    Rob Fawn | July 24, 2025

    Third quarter 2025 market outlook for Global High Yield provided by Rob Fawn, Portfolio Manager, European Leveraged Finance.

  • Q3 2025 Outlook for Securitized Products
    Edwin Wilches, CFA | July 23, 2025

    Third quarter 2025 market outlook for Securitized Products provided by Edwin Wilches, CFA, Co-Head of Securitized Products.

  • 2025 Q3 Market Outlooks
     | July 16, 2025

    Liquidity, flexibility, and true diversification beyond traditional assets are now strategic imperatives, not tactical options.

  • Q3 2025 Outlook for Agency MBS
    Andrew Harnischfeger, CFA | July 15, 2025

    Third quarter 2025 market outlook for Agency MBS provided by Andrew Harnischfeger, CFA, Portfolio Manager, Agency MBS.

  • Q3 2025 Outlook for Asset-Based Finance
    Oliver Nisenson | July 15, 2025

    Third quarter 2025 market outlook for Asset-Based Finance provided by Oliver Nisenson, Head of Asset-Based Finance.

  • Q3 2025 Outlook for Developed Market Rates
    Mick Meyler | July 15, 2025

    Third quarter 2025 market outlook for Developed Market Rates provided by Mick Meyler, Head of Developed Market Rates.

  • Q3 2025 Outlook for Emerging Market Debt
    Pradeep Kumar, PhD, CFA | July 15, 2025

    Third quarter 2025 market outlook for Emerging Market Debt provided by Pradeep Kumar, PhD, CFA, Portfolio Manager, Emerging Markets Debt.

  • Q3 2025 Outlook for Investment Grade Corporate Bonds
    Ashley Wieseltier, CFA | July 15, 2025

    Third quarter 2025 market outlook for Investment Grade Corporate Bonds provided by Ashley Wieseltier, CFA, Portfolio Manager, U.S. IG Corporate Bonds.

  • Q3 2025 Outlook for Municipal Bonds
    Jason Appleson, CFA, FRM | July 15, 2025

    Third quarter 2025 market outlook for Municipals provided by Jason Appleson, CFA, FRM, Head of Municipal Bonds.