2025 Capital Markets Expectations

February 18, 2025

We update our capital markets expectations (“CMEs”) each year in January.

Each year, Meketa Investment Group develops capital market expectations (CMEs) for dozens of asset classes spanning global markets. Changes in our CMEs are driven by shifts in the capital markets, including factors such as interest rates, credit spreads, cap rates, and equity prices. The 10-year and 20-year forward expected return, volatility, and correlation assumptions are designed to guide investors in the development of long-term strategic asset allocations and planning activities. This report provides our latest outlook.

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