Fixed Income Outlook: A Rate and Reflation Balancing Act


Source: Bloomberg Finance, L.P., March 31, 2003–March 31, 2021. Treasury = Bloomberg Barclays US Treasury Index, MBS = Bloomberg Barclays US Securitized MBS Index, Agg = Bloomberg Barclays US Aggregate Bond Index. Past performance is not a guarantee of future results. It is not possible to invest directly in an index.

Source: Bloomberg Finance, L.P., as of March 31, 2021. US Corporate Bonds = Bloomberg Barclays Corporate Bond Index, High Yield Corporate Bonds = Bloomberg Barclays High Yield VLI, High Yield Muni Bonds = Bloomberg Barclays High Yield Municipal Bond Index. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. After-tax yield is based on the yield to worst and applying the highest marginal federal income tax rate of 37 percent. Past performance is not a guarantee of future results. It is not possible to invest directly in an index.

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