Institution: The actual return of high-quality bonds is attractive.

Vanguard Research stated in a 2026 outlook report that high-quality bonds can provide attractive real returns. The organization said, "We maintain the long-term view that, given the rise in neutral interest rates, high-quality bonds can provide attractive real returns." Vanguard expects the return on high-quality US bonds over the next decade to be around 4%, which should be close to the current portfolio's yield level, providing a ample cushion against expected future inflation. "Regardless of the actions taken by central banks around the world in 2026, this is the main reason for the return of bonds."