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Patience Has Rewarded Fixed Income Investors Following Rate Hike Cycles

June 2022 |  Over the past 30 years, there have been four major tightening cycles. Following the two tightening cycles in 2000 and 2006, Federal Reserve interest rate hikes were followed by recessions.  Yet, despite the economic slowdowns, major sectors of the US fixed income markets averaged positive returns during the one-year periods beginning three months after the Fed’s first rate action. 

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Source: Bloomberg. Treasury securities are backed by the full faith and credit of the US government, while the other bond asset classes shown do not. Data based on past performance, which is no guarantee of future results. Please see Terms and Indices on chart page for more information.

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