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Updated 2022 Global Market Outlook. As central banks accelerate monetary policy normalization, the risk of a policy mistake is rising, as are potential recession risks.

Global Market Outlook

December 6, 2021

Continuing the Climb

While the world maintains its focus on the battle against Covid-19, there are reasons for optimism in the months ahead. But as we continue the climb past peak growth and peak policy accommodation, many risks to the outlook remain.



Fixed Income Market

Equities Market

Investment Themes

Fixed Income



Quick Take

Global Chief Investment Officer, Lori Heinel, CFA discusses the three themes investors should keep an eye on in 2022.

Video (01:43)

Meet the Authors

Bio Image of Matthew J Bartolini

Matthew J Bartolini, CFA, CAIA

Head of SPDR Americas Research

Bio Image of William A Goldthwait

William A Goldthwait

Portfolio Strategist

Bio Image of Elliot Hentov

Elliot Hentov, Ph.D.

Head of Macro Policy Research

Bio Image of Aaron R Hurd

Aaron R Hurd, FRM

Senior Portfolio Manager

Bio Image of Kishore L Karunakaran

Kishore L Karunakaran

Global Head of Portfolio Strategy, AQE

Bio Image of Simona M Mocuta

Simona M Mocuta

Chief Economist

Bio Image of Matthew Nest

Matthew Nest, CFA

Head of Active Global Fixed Income

Bio Image of Laura A. Ostrander

Laura A. Ostrander

Emerging Markets Macro Strategist and Portfolio Manager

Bio Image of Hélène Veltman

Hélène Veltman, Ph.D.

Senior Strategist / Investment Strategy & Research

About the Outlook

As investment challenges grow more complex, State Street’s Global Market Outlook was created to alert investors to portfolio risks and opportunities in the coming year, based on the research of our investment teams. Research on near-term and longer-term market issues is at the heart of who we are as investors. It drives the kinds of outcome oriented portfolios we create for clients, drawing on the full range of our indexed and active solutions, as well as our asset allocation expertise.