Chart: What’s next after 40 years of bull market in bonds?

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Bond investors are facing a new rate regime after a four-decade-long bull market. And this could present challenges.

What happens after a four-decade bull market in bonds?


  • A four-decade bull market in bonds: From 1981 through 2017, U.S. 10-year bonds had an average annual return of 8.3%, with double-digit returns in 13 of those years and returns of over 20% in four of those years.


  • After the zero-interest-rate policy: As rates return to more normal levels, investing in fixed income will require looking for sources of return beyond just interest rates.


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