The way markets rebounded from the financial crisis can serve as a valuable lesson for the decade ahead, says Joe Davis, Vanguard’s chief economist. Today’s high U.S. equity valuations suggest the last decade’s strong returns won’t persist.
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“Base effects” and a stimulated U.S. economy are about to push inflation higher than we’ve seen in recent years.
It’s hard to identify an asset bubble before it bursts. But we expect that valuations eventually will reflect companies’ true probability of profitability.
The pace of vaccinations holds the key to achieving COVID-19 herd immunity and to economic recovery.
A Vanguard analysis finds that about 15% of all U.S. jobs can permanently be performed remotely.
We’re not surprised that a COVID-19 vaccine came this far so quickly. It was a decade of idea-sharing in the making.
The COVID-19 pandemic has accelerated some trends already in place, and it will have additional implications that are opaque now but that will become undeniably clear and meaningful over time.