Highlights At midyear 2024, US equity valuations remain stretched, while emerging market equities are undervalued, according to our latest research. In fixed income markets, UK aggregate bonds are at the low end of our fair-value range given their attractive yields, but credit spreads are tight, according to our research. Vanguard believes asset class valuations act as drivers of long-term returns, and have a strong tendency to revert towards average levels over multiyear periods. At the midpoint of 2024, the broad US equity market remains richly valued. The S&P 500 ...
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