Eric Veiel on bank valuations
From T. Rowe Price ‘Dramatically Neutral’ on Stocks, Bonds: CIO · · BloombergTelevision
“What matters though is the relative valuation of that group — banks had a nice little pop and we were in there and now we're taking some of that back.”
On , Eric Veiel, Head of Global Investments & Chief Information Officer at T. Rowe Price, spoke about bank valuations during T. Rowe Price ‘Dramatically Neutral’ on Stocks, Bonds: CIO on BloombergTelevision.
About Eric Veiel
In April 2024, Eric Veiel stated that T. Rowe Price's asset allocation committee was "dramatically neutral" between stocks and bonds, describing the position as "not the most exciting fodder" but reflecting their current outlook. He said there had "without a doubt" been a post-pandemic regime shift, and that at higher interest rates the environment was "much more of a bottoms up world" rather than a simple chase of risk assets. Veiel noted that within equity portfolios, T. Rowe Price was overweight energy and health care, relatively neutral in tech, and had reduced some exposure from financials and industrials. He described commodities as "interesting" and said the firm's allocation portfolios included a real assets sleeve that provided "strong diversification from inflation." On the Federal Reserve, Veiel said he could not know what was in Chair Powell's head but that the inflation numbers "have to give you some pause."