Fixed income may have the best outlook of any asset class right now, even though bonds are showing few signs of life.
The biggest threat to bonds is the same one stocks and the economy are facing: elevated interest rates. Tight financial conditions lower the value of fixed income investments and cause yields, which move inversely to bond prices, to rise. The 10-year US Treasury Note yields 4.8%, up from 3.88% at the start of 2023 and well above the pandemic low of about 0.5%.
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