Global aggregate bond yield
Source: Bloomberg Barclays, Refinitiv Datastream, J.P. Morgan Asset Management. Chart shows yields of Bloomberg Barclays Global Aggregate index.
Total return scenarios for US 10-year Treasuries by yield
Source: Bloomberg, J.P. Morgan Asset Management. Chart indicates the calculated total return achieved by purchasing US 10-year Treasuries at the current yield and selling at the end of 2023 for various year-end yields. For illustrative purposes only. Past performance is not a reliable indicator of current and future results. Data as of 3 November 2022.
1Fixed income has experienced a dramatic repricing and valuations now look compelling. Real government and corporate bond yields are at the highest level in years, allowing investors to find the income they need.
2Inflation is beginning to cool. Factoring in the lag with which monetary policy actions feed through into the economy, there are now hopes that central banks will slow the pace of interest rate hikes.
3An environment of lower inflation and less aggressive central bank action will allow bonds to serve as a portfolio diversifier and risk hedge.
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