Wealth Outlook 2024 - Slow then grow

50 Wealth Outlook 2024 | Portfolio views 3 Peak rates equals peak income: extend duration US Treasurys US Treasurys come in many different maturities, but currently, all maturities offer high nominal and real rates by recent past standards. As we said, these high US government rates are also near historically high levels compared to expected headline inflation as measured by TIPS ( FIGURE 2 ). FIGURE 2 5-year Treasury rates high compared to expected headline inflation 0 3 6 Yield (%) 5yr US TIPS yield 5yr US nominal Treasury yield 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source: Bloomberg as of November 22, 2023. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future results. Real results may vary.