Our investment and economic outlook, August 2023

Vanguard

Research

6 Pages

Vanguard outlines its August 2023 investment and economic outlook, emphasizing slowing yet resilient growth and moderating inflation. The piece argues that higher starting bond yields improve long term return prospects even as equity valuations remain elevated. Multi asset investors are encouraged to keep diversified, disciplined allocations rather than making big macro calls.

Date published: August 2023

Key Takeaways

Slowing but resilient: Growth cools from postpandemic highs yet avoids deep recession in Vanguard base case.
Bonds back again: Higher yields rebuild expected fixed income returns, improving diversification versus recent ultra low rate years.
Discipline over timing: Vanguard favors staying globally diversified and cost conscious instead of trading headlines or short term forecasts.
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