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Portfolio considerations
March 16, 2022
New Vanguard research explores how investors are increasingly using passive funds to build active portfolios.
Financial wellness & planning
March 15, 2022
Not converting to a Roth because you expect to be in a lower tax bracket at retirement? An analysis using the break-even tax rate (BETR) finds that you may be missing out on tax advantages.
Economics & markets
March 14, 2022
Even for investors who buy stocks for their long-term growth potential, sharp drops can still be hard to stomach. Here are some things to keep in mind if a market tumble makes you feel the need to “do something.”
Economics & markets
March 10, 2022
Our scenarios-based approach to forecasting amid war in Ukraine acknowledges that we can’t predict the future.
Economics & markets
May 19, 2022
Chief Economist Joe Davis explains why market volatility and downturns happen and why they’re an integral part of investing.
Community stewardship
May 18, 2022
Vanguard’s annual All Cans on Deck drive supports hunger relief agencies in our communities and around the world.
Asset classes
May 11, 2022
Our quarterly in-depth commentary offers a sector-by-sector analysis and a summary of how our views affect the Vanguard active bond funds.
Economics & markets
May 10, 2022
Vanguard experts discuss the Fed’s balance sheet reduction plan compared with previous quantitative tightening and potential implications.
Portfolio considerations
May 09, 2022
In this panel discussion hosted by Portfolio Management Research, Jim Rowley Jr., CFA, head of investor research in Vanguard Investment Strategy Group, offers his perspective on direct indexing.
Economics & markets
May 06, 2022
The litany of economic and market woes may tempt investors to go all cash, but that’s virtually ensuring a negative return when adjusted for inflation. Patience has historically been the key to portfolio success.
Diversity, equity & inclusion
May 05, 2022
How is diversity, equity, and inclusion embedded in Vanguard’s culture? Vanguard Chief Diversity Officer Crystal Hardie Langston discusses that and more.
Portfolio considerations
May 04, 2022
Vanguard research explores how investors can implement direct indexing in a portfolio and explains why tax-loss harvesting frequency is a major factor in this process.
Portfolio considerations
May 03, 2022
In this panel discussion hosted by Portfolio Management Research, Jim Rowley Jr., CFA, head of investor research in Vanguard Investment Strategy Group, offers his perspective on how investors are using passive strategies for active exposures.
Economics & markets
April 29, 2022
Vanguard’s European chief economist, Jumana Saleheen, says central banks face a stiff test in trying to control inflation and ward off recession.
Portfolio considerations
April 28, 2022
In this panel discussion hosted by Portfolio Management Research, Jim Rowley, head of Investor Research in Vanguard Investment Strategy Group, offers his perspective on why the indexing/active decision is not a binary choice.
Economics & markets
April 26, 2022
We expect economic growth in 2022 to range from about 2.5% in the euro area to about 5.5% in emerging markets overall, though war in Ukraine raises uncertainty. Our return forecasts are muted, but there may be opportunities for investors willing to bear extra risk.
Investment stewardship
April 25, 2022
In this second of two Q&As, John Galloway discusses Vanguard’s views on climate change and the role that effective stewardship will play throughout the energy transition to mitigate the financial threat to long-term investors.
Behavioral research
April 22, 2022
Investors prefer some aspects of human advice over digital but perceive value in all advice services, a Vanguard survey finds. For these reasons, it is critical that they have access to a wide range of advice services.
Economics & markets
April 21, 2022
Should you adjust your asset mix as inflation persists? Vanguard Global Chief Economist Joe Davis weighs in.
Diversity, equity & inclusion
April 14, 2022
Vanguard was recently announced as a founding member, and the sole asset management company presence, of the Global Parity Alliance, a group dedicated to advancing DEI across multiple industries.
Retirement
April 12, 2022
This piece describes how understanding changes in volatility, stock-bond correlation, and inflation can affect a retirement withdrawal strategy. It draws from research set to publish in The Journal of Retirement later this year, “Sustainable Withdrawal Rates by Return Environment: A Time-Varying Bayesian Analysis”. Andy Clarke, CFA and Kevin Khang, PhD are featured throughout.
Economics & markets
April 07, 2022
A new analysis by Vanguard economist Adam Schickling suggests workers will continue to leave jobs of their own accord at a high rate through 2022, and that will likely keep wage growth elevated.
Asset classes
April 06, 2022
With the rollout of 5G networks, we see more value in fixed income among wireless telecoms and cell tower operators than in technology and digital media companies.
Investment stewardship
April 05, 2022
Vanguard’s investment stewardship efforts in 2021 include global advocacy, engagement, and voting activities.
Economics & markets
April 04, 2022
An inverted yield curve doesn’t necessarily foreshadow a recession, according to Vanguard’s Andrew Patterson and John Madziyire.
About us
April 01, 2022
Vanguard funds have had limited exposure to Russian securities. A chart presents Vanguard funds with direct exposure, as well as the extent of their exposure, as of March 31, 2022.
About us
March 09, 2022
Vanguard funds have had limited exposure to Russian securities and will adhere to sanctions against Russia.
Financial wellness & planning
March 09, 2022
Maria Bruno, head of U.S. wealth planning research at Vanguard, offers five suggestions for investors making IRA contributions during tax season. Maybe the most important tip? Contribute early.
Economics & markets
March 04, 2022
Vanguard CEO Tim Buckley and Nick Eisinger, co-head of emerging markets active fixed income, discuss the impact of the war in Ukraine on emerging markets and the associated risk. They also discuss the monetary policy outlook ahead of key meetings in the U.S. and Europe.
Economics & markets
March 04, 2022
Higher oil prices resulting from events in Ukraine are likely to trim economic growth and accelerate inflation to levels beyond what was previously expected.
Economics & markets
March 02, 2022
Events in Ukraine understandably test investors’ resolve. At such a time, it’s best to take emotions out of investing.
Investment stewardship
March 01, 2022
In this first of two Q&As, John Galloway, global head of Vanguard’s Investment Stewardship team, discusses corporate governance practices and how Vanguard addresses ESG risks that can affect long-term shareholder value in its equity funds.
Economics & markets
February 28, 2022
Markets have come under pressure amid heightened geopolitical risks. In times like these, often the best strategy is to stay focused on your goals and maintain your disciplined approach.
Economics & markets
February 16, 2022
Sara Devereux, head of Vanguard Fixed Income Group, discusses what to expect over the next few years based on a recent Fed announcement about raising rates.
Economics & markets
February 16, 2022
Vanguard Chief Investment Officer Greg Davis discusses recent developments in the global economy and our return expectations for the U.S. equity markets.
About us
February 01, 2022
Lowering the cost of investing has always been Vanguard’s mission. We’re well on our way to saving shareholders $1 billion in fees and expenses by 2025.
Economics & markets
January 25, 2022
Heightened volatility and market losses early in 2022 emphasize the value for investors of a long- term focus.
Economics & markets
January 20, 2022
With inflation at multidecade highs, the Federal Reserve appears prepared to raise its key interest rate target, perhaps as early as March. Vanguard economists Josh Hirt, Asawari Sathe, and Adam Schickling discuss the Fed’s considerations.
Economics & markets
January 20, 2022
Central banks will need to act decisively to rein in accelerating inflation, according to Joe Davis, Vanguard’s global chief economist. Long-term, that’s good for investors.
Economics & markets
January 06, 2022
Our 2022 Vanguard Economic and Market Outlook focuses on new sources of risk for the economy and financial markets, including stretched valuations for equity markets, rising interest rates, and an uncertain inflationary environment.
Economics & markets
December 03, 2021
Vanguard offers perspective on U.S. stock valuations, the next peak in the Federal Reserve’s target for short-term interest rates, the property sector in China, and the COVID-19 Omicron variant.
Retirement
November 23, 2021
Personalized, realistic projections of longevity and health care costs in retirement could provide a better foundation for planning than conservative assumptions.
Financial wellness & planning
November 16, 2021
A recently updated Vanguard research paper on paying for college discusses why it’s important for parents and students to plan strategically and understand how their spending decisions affect their broader financial situation.
Portfolio considerations
November 10, 2021
Higher yields can lead to improved total returns from bonds if an investor’s horizon exceeds their bond portfolio’s duration.
Economics & markets
November 05, 2021
Comparing today’s environment with that of the 1970s overlooks a key difference: today’s strong demand for labor.
Economics & markets
October 14, 2021
China’s economy has grown since the 1990s from being a tenth of the size of the U.S. economy to close to two-thirds the size. This raises some natural questions, including, “When might China become the world’s largest economy?” and “What are the potential portfolio implications of such a new economic order?”
Portfolio considerations
October 11, 2021
Vanguard research found that it would take considerably more inflation than we’re expecting to diminish the diversifying power of bonds in a balanced portfolio.
Economics & markets
October 10, 2021
New research finds that global trade growth is likely to slow—but not contract—in the decade ahead. What’s more, we believe the implications for investors may not be as great as they seem.
Economics & markets
October 09, 2021
Markets weren’t too surprised to see a run-up in inflation in much of the world in 2021. But readings have been hotter than forecast. With accommodative monetary and fiscal policies expected to remain in place for some time, could elevated rates of inflation persist in 2022 and beyond?
Asset classes
August 10, 2021
Vanguard assesses the fixed income ecosystem during the height of the COVID-19 volatility, including the liquidity crush and investors’ “dash for cash,” and offers high-level policy recommendations for the path forward.
Economics & markets
August 03, 2021
A strong upswing in U.S. employment should unfurl in the coming months, paving the way for a full labor market recovery by mid-2022. Josh Hirt, a Vanguard economist, explains.
Economics & markets
July 20, 2021
The economy and markets have recovered at a faster-than-anticipated pace from the pandemic. But the global outlook continues to hinge on health outcomes, according to Vanguard’s midyear forecasts.
Economics & markets
June 11, 2021
As newly vaccinated individuals unleash their pent-up demand for goods and services, questions naturally arise about resurgent inflation and interest rates, and what central banks will do next. Our research indicates that central bank policy rates and interest rates more broadly are likely to rise, but only modestly, in the next several years.
Portfolio considerations
June 02, 2021
Given low bond yields and high stock valuations, shortfall risk is almost a given in today’s market. We explore factors that influence the ability of investors and institutions to meet their financial goals and discuss circumstances in which private equity could help.
Portfolio considerations
March 22, 2021
Cryptocurrencies have attracted much attention and more than trace amounts of speculation. Roger Aliaga-Díaz, our chief economist for the Americas and head of portfolio construction, cautions investors, noting among other risks that cryptocurrencies are largely unregulated.
Economics & markets
March 19, 2021
The Federal Reserve left its target for the benchmark federal funds rate unchanged at its March 17 meeting. Its approach to inflation and the labor market means rate hikes may be a way off.
Economics & markets
March 08, 2021
It’s hard to identify an asset bubble before it bursts. But Vanguard Global Chief Economist Joe Davis wonders about the valuations of cryptocurrencies and low-quality growth stocks. Ultimately, he argues, valuations should reflect “plausible future income” scenarios.
Asset classes
October 16, 2020
Vanguard believes private equity investments have the potential to enhance long-term returns for investors who can accept the accompanying liquidity and manager risks. In this paper, the authors employ the Vanguard Asset Allocation Model to present a framework for assessing the merits of private equity in diversified, strategic portfolios.
Economics & markets
March 31, 2022
Higher real interest rates should cool, but not stop, the labor market and the greater economy. And they bring longer-term benefits.
Asset classes
March 29, 2022
There are times when small-cap equities outperform large-caps and vice versa, but they are not expected to do so in any meaningful way over the long term.
Portfolio considerations
March 28, 2022
New Vanguard research indicates that investors are frequently using non-total market index funds to build portfolios with active exposures, according to “How Investors Use Passive for Active,” a paper authored by Vanguard’s Jan-Carl Plagge, Haifeng Wang, and Jim Rowley. The paper was published in the The Journal of Beta Investment Strategies.
Economics & markets
March 24, 2022
Vanguard global chief economist outlines the current draw of international equities as well as their enduring role as a diversifier in a portfolio.
Asset classes
March 21, 2022
Vanguard global chief economist expects fixed income returns to be modest over the next decade but doesn’t see a bear bond market on the horizon.
Financial wellness & planning
May 20, 2022
The earliest college savers tend to require lower monthly savings rates over time, have more flexibility when they need to pivot, and get a jump start on understanding the nuances of the college tuition landscape—including the difference between sticker price and net price paid.
Economics & markets
May 26, 2022
Learn about Vanguard’s investment philosophy and disciplined approach in a volatile market environment.
Financial wellness & planning
May 26, 2022
For many, the sticker price and net cost of college are vastly different numbers. What might your net cost be?
Asset classes
May 23, 2022
Following interest rate increases in early 2022, the tax-equivalent yield on municipal bonds is now greater than the yield of other major fixed income sectors.
Retirement
June 03, 2022
Many retired early during the pandemic, but some may have to return to work. Are there other options to meet the savings gap?
Behavioral research
June 08, 2022
In the rough start to 2022, the trading behavior of the vast majority of Vanguard clients indicates that they have stayed the course.
Portfolio considerations
June 08, 2022
With stocks and bonds well into negative territory, it’s tempting to call the traditional balanced portfolio dead. But we’ve been here before, says Roger Aliaga-Díaz, chief economist for the Americas and head of portfolio construction in Vanguard Investment Strategy Group.
Economics & markets
June 09, 2022
Vanguard has downgraded economic growth forecasts for the U.S. and China, but recession isn’t likely.
Economics & markets
June 09, 2022
A COVID-19 lockdown strategy that succeeded in the pandemic’s early days is likely to hold back China’s economy.
Diversity, equity & inclusion
June 09, 2022
Vanguard Chief Diversity Officer Crystal Hardie Langston gets to the bottom of a common misconception about DEI and who can contribute.
Economics & markets
June 14, 2022
The proprietary Vanguard Financial Conditions Index has tightened noticeably in recent months. Vanguard economists explain where financial conditions stand now and why it matters.
Economics & markets
June 15, 2022
With surging inflation, the euro area will be hiking interest rates into positive territory later this year. Vanguard updates its forecasts for this year and next.
Retirement
June 16, 2022
The Great Resignation was also the Great Retirement. For some, it may become the Great Sabbatical, as retirees return to work. Learn why from Vanguard’s latest research.
Portfolio considerations
June 21, 2022
Vanguard Chief Investment Officer Greg Davis explains the key elements that set us apart—expertise, a disciplined approach, and a global presence.
Economics & markets
June 23, 2022
The era of ultra-low neutral rates may be coming to an end as some of the drivers behind it are lessening or even reversing.
Portfolio considerations
June 23, 2022
How are investors hedging against the surge in inflation? Our investment strategists looked at their usage of TIPS in 2021.
Portfolio considerations
June 28, 2022
A Vanguard study using natural language processing of biographical data for fund investment teams finds higher performance from teams with gender diversity.
Diversity, equity & inclusion
June 30, 2022
Vanguard marked Juneteenth with an event focused on the history behind the racial wealth gap and measures governments and businesses can take to help address it.
Portfolio considerations
June 30, 2022
At best, you may marginally improve returns through market timing. At worst, you could drastically lower returns.
Behavioral research
July 06, 2022
One key strategy to boost retirement plan participant outcomes: offer an advice option like a target date fund. Here we discuss findings in Vanguard’s 2022 How America Saves report, along with key insights that can enhance plan design.
Portfolio considerations
July 07, 2022
What part do differences in industry allocations between ESG funds and the broader equity market play in explaining ESG fund performance?
Diversity, equity & inclusion
July 08, 2022
Vanguard principal Jean Lu received an Ascend A-List Award for leading inclusivity opportunities for Asian professionals.
About us
July 11, 2022
After 25 years, Vanguard Managing Director Karin Risi is unwavering in her focus on clients and fulfilling Vanguard’s mission.
Economics & markets
July 13, 2022
Inflation is putting economies on the path to recession. In this short video, Vanguard’s global chief economist discusses how that could be avoided.
About us
July 19, 2022
Vanguard employs performance incentive/penalty arrangements with many of its external investment advisors.
Economics & markets
July 21, 2022
In case you missed it: Vanguard recently shared its 2022 midyear economic and market outlook. In it, Vanguard’s global and regional chief economists discuss increased inflation, muted growth, and recessionary fears.
Asset classes
July 25, 2022
The latest quarterly issue of Vanguard Active Fixed Income Perspectives discusses some bright spots amid the horror show that this year has been for bond investors.
Behavioral research
July 26, 2022
How automatic retirement plan features can boost participant savings rates and enhance long-term outcomes.
About us
July 27, 2022
What’s at the center of Vanguard’s culture? Vanguard CHRO Lauren Valente explains who and what matter most.
Behavioral research
July 28, 2022
A buy-and-hold strategy often means staying the course, even in turbulent times. How do the expectations of today’s investors line up with their trading behaviors?
Financial wellness & planning
August 01, 2022
How advisors can add alpha through services such as financial planning, discipline, and guidance.
Community stewardship
August 03, 2022
A look at U.S. donor responses to health and humanitarian crises and recent nonprofit sector trends.
Portfolio considerations
August 04, 2022
In this Q&A, Roger Aliaga-Díaz and Nathan Zahm talk about their strategy for developing, validating, and modifying the assumptions behind the selection of a Target Retirement Fund glide path.
About us
August 08, 2022
As Vanguard managing director Tom Rampulla advises, discipline is key to meeting your financial goals, especially during market volatility.
Asset classes
August 09, 2022
A recently published analysis by Vanguard Fixed Income Group explains why rates may be coming down in emerging markets.
Behavioral research
August 10, 2022
Certain retirement plan provisions can help workers continue to save, even when they switch jobs.
Portfolio considerations
August 11, 2022
How Vanguard strategically builds portfolio asset allocation models based on goals, preferences, and beliefs: a customized solution that meets a wide range of investor needs.
Portfolio considerations
August 17, 2022
Managers of the International Growth Fund discuss the markets and why optimists are better for your portfolio.
Diversity, equity & inclusion
August 22, 2022
How can you drive a more inclusive environment? Vanguard chief diversity officer Crystal Hardie Langston shares some tips.
Economics & markets
August 18, 2022
As the geopolitical battle over Ukraine intensifies, Europe in particular is exposed to a potential energy crisis, but there would be implications for the global economy too.
Economics & markets
August 26, 2022
How far will central banks go to curb inflation? Well above neutral rate, Vanguard economists say.
Economics & markets
August 25, 2022
Three scenarios that the Fed could face in the coming months—a hard landing, stagflation, and a softish landing.
Asset classes
August 23, 2022
EM corporates coming off tight spread levels relative to sovereigns and developed-market corporate credit has created pockets of value for investors.
Economics & markets
August 29, 2022
A Vanguard analysis shows why lofty earnings expectations shouldn’t overly concern the U.S. equity market.
Economics & markets
August 30, 2022
When a recession occurs, we don’t know precisely when equity markets will recover. But equity prices have frequently started to recover before the end of the recession.
Economics & markets
September 01, 2022
Recession is more likely than not over the next 24 months in many developed markets, including the U.S. We expect the Fed to raise rates to at least 4% in 2023 to fight inflation.
Economics & markets
September 06, 2022
Our global chief economist discusses the probabilities of a soft landing, hard landing, or stagflation.
Portfolio considerations
September 07, 2022
Thinking beyond market-capitalization-weighted portfolios to address complex investor preferences.
About us
September 08, 2022
Learn about Vanguard’s efforts to make our buildings more environmentally friendly and lower operational costs.
About us
September 09, 2022
Vanguard Personal Investor Managing Director Matt Benchener reveals the question he’s asked most from investors.
Economics & markets
September 12, 2022
Vanguard researchers home in on the US cycle of innovation and what current trends mean for future economic growth.
Economics & markets
September 14, 2022
Vanguard Chief Economist Joe Davis speaks with Barron’s Live about recent market and economic trends.
Portfolio considerations
September 15, 2022
Index products that screen out certain business activities can help meet the needs of many ESG-oriented investors.
Diversity, equity & inclusion
September 16, 2022
Vanguard is honored as a 2022 Best Place to Work for Disability Inclusion.
Economics & markets
September 19, 2022
Vanguard Global Chief Economist Joe Davis discusses the drivers of how his team assembles its economic and market outlook.
Economics & markets
September 20, 2022
Vanguard active bond managers offer their risk-reward outlook for bond funds as inflation remains high and the Federal Reserve continues to raise interest rates.
Portfolio considerations
November 03, 2022
In a short video, Vanguard’s global head of portfolio construction contrasts time-varying and tactical asset allocation.
Financial wellness & planning
November 15, 2022
Vanguard research shows that inflation doesn’t affect optimal Social Security claiming strategies.
Economics & markets
November 11, 2022
With the Fed rapidly raising rates, ETF investors may need reminders on how to approach ETF trades on days of Fed announcements.
Portfolio considerations
November 10, 2022
There’s no place like home, even when it comes to stock investing. Forthcoming Vanguard research discusses investor local bias, what that disposition means for a portfolio, and how a few small tweaks can strengthen an investor’s asset allocation.
Portfolio considerations
November 08, 2022
Under what conditions do we give new funds the green light to join our lineup? Learn more from Vanguard Managing Director Karin Risi.
Asset classes
November 07, 2022
A look at how European insurers’ investment behavior is likely to shape credit performance in Europe.
About us
November 02, 2022
Vanguard is assessing ways to provide individual investors the opportunity to participate more directly in the proxy voting process.
Portfolio considerations
November 01, 2022
Among the many rebalancing methods, we seek the one that is more risk-return-efficient and cost-effective than others.
Community stewardship
October 31, 2022
Vanguard crew around the world joined forces in early October for the 2022 Vanguard Gives Back campaign, under the theme of Stronger Together.
Portfolio considerations
October 28, 2022
A recently published Vanguard research paper shows that valuing or benchmarking advice recommendations against an investor’s current plan helps advisors prioritize those recommendations to employ the highest-value strategies.
Economics & markets
October 27, 2022
Our latest monthly survey of global economies has raised the inflation rate forecast for the U.S., while recession is likely for the euro area.
Portfolio considerations
October 26, 2022
Vanguard Global Capital Cycles Fund’s manager talks about the market’s cyclical nature, the beginning of a regime change, and using cyclical stocks as a hedge against inflation.
Asset classes
October 25, 2022
The changing landscape in consumer-related high-yield should give active bond managers with deep credit analysis capabilities some opportunities to outperform.
Asset classes
October 21, 2022
Q3 was another bad quarter for bonds, but yields are attractive, providing pockets of opportunity. Learn more in our latest quarterly active fixed income perspectives.
Financial wellness & planning
October 20, 2022
The traditional target-date fund might be too conservative for some retirees in poor health. Such investors might consider personalized advice.
Financial wellness & planning
October 19, 2022
Vanguard managing director John James describes how simple it can be to start saving for retirement, from taking advantage of the company match within an employer plan to considering a target-date fund.
Financial wellness & planning
October 18, 2022
Updated Vanguard research highlights three key steps to help people choose Medicare coverage options.
Economics & markets
October 17, 2022
Quickly rising global interest rates increase the prospect of dislocations in distinct market corners. Financial markets seek certainty that policymakers can lead the economy to a comfortable place.
Retirement
October 17, 2022
Maria Bruno, Head of U.S. Wealth Planning Research at Vanguard, explains what investors should keep in mind to determine whether they are on track for a secure retirement.
Economics & markets
October 14, 2022
A Vanguard economist looks at factors underlying the current strength of the U.S. dollar against most currencies.
Asset classes
October 12, 2022
Despite market turbulence, many municipalities display strong fundamentals. Average municipal yields are at their highest levels in 10 years.
Behavioral research
October 10, 2022
Our latest bimonthly Investor Expectations Survey indicates that while pessimism among investors has eased somewhat, it remains at a high level.
Asset classes
October 06, 2022
Vanguard municipal bond portfolio managers talk about the market, the state of municipal balance sheets, and how muni funds have prepared for economic uncertainty.
Portfolio considerations
October 04, 2022
With interest rates going up and likely to stay elevated, what’s the implication for the balanced portfolio? Short-term pain but relief with brighter prospects, possibly by next year, says our head of portfolio construction.
About us
October 03, 2022
Vanguard managing director Tom Rampulla shares why he still works at the firm after 33 years.
Behavioral research
September 30, 2022
Investors have been adopting digital platforms at a brisk pace during the pandemic, but security concerns have kept others from fully embracing them. Learn more in this commentary from Vanguard’s head of the retail digital experience.
Economics & markets
September 28, 2022
Inflation is becoming broad-based and recession is likely in Europe but not in the U.S., at least for 2022.
Economics & markets
September 26, 2022
With the litany of negative economic and market news, it’s tempting to stay on the sidelines. But, based on market history, Vanguard CIO Greg Davis says it’s better to stay in the game.
Financial wellness & planning
September 23, 2022
Vanguard’s Joel Dickson explains why a more holistic approach to financial advice can help investors reach their goals.
Portfolio considerations
February 02, 2023
A looming recession may force credit rating downgrades, but municipal bond defaults should remain rare.
About us
February 01, 2023
Vanguard begins proxy voting pilot for investors in select index funds.
Portfolio considerations
January 31, 2023
TIPS won’t work in hedging the full portfolio against inflation. Commodities can, but not without risks.
Financial wellness & planning
January 30, 2023
Our guide can help investors overcome struggles and develop long-term strategies to maintain financial wellness.
Economics & markets
January 27, 2023
Tens of thousands of Vanguard clients tuned in for a live webcast with our chairman and CEO. Watch a replay of the January 10, 2023, event.
Portfolio considerations
January 27, 2023
Vanguard research suggests that commodities may add an outsized safeguard against unexpected inflation.
Behavioral research
January 26, 2023
Vanguard research shows investors are feeling better about the short-term outlook after a challenging 2022.
Portfolio considerations
January 25, 2023
Wellington portfolio manager Matt Hand discusses his approach to equity income investing in two Vanguard funds.
Economics & markets
January 24, 2023
Wall Street forecasts of one-year U.S. stock returns tend to be wildly inaccurate. Our outlooks consider a longer horizon.
Economics & markets
January 23, 2023
Our economists have raised their 2023 growth target for China but now expect a contraction in the euro-area economy.
Asset classes
January 20, 2023
Vanguard active fixed income: We still believe that volatility will remain high for the foreseeable future, but with increased yields, we see a transition from pain to gain.
Economics & markets
January 19, 2023
Congress has until June to raise the debt limit, but what does it all mean for the government and for the investor?
Financial wellness & planning
January 18, 2023
January is Financial Wellness Month. Here’s a guide to some of our best research and insights on the topic.
Economics & markets
January 12, 2023
In this short video, Vanguard senior international economist Andrew Patterson explains how we’ll assess inflation data in 2023.
Portfolio considerations
January 11, 2023
The portfolio managers of Vanguard Dividend Growth Fund discuss their investment approach and stock picks.
Financial wellness & planning
January 09, 2023
How Vanguard’s financial wellness guide can help boost investor motivation, increase know-how, and improve fiscal fitness.
About us
January 05, 2023
Matt Benchener, managing director for Vanguard Personal Investor, reflects on the biggest leadership lesson he’s learned.
Retirement
January 03, 2023
An omnibus bill signed into law on December 29, 2022, has wide-ranging impact on retirement plans and participants.
Economics & markets
December 29, 2022
Catch up on selected Vanguard perspectives on the economy, financial markets, portfolio considerations, and more.
Portfolio considerations
December 22, 2022
Learn about the role of financial advice, how inflation and rising interest rates affect fixed income investors, and strategies for weathering stock market cycles.
Financial wellness & planning
December 20, 2022
What would Vanguard Chief Investment Officer Greg Davis share with his younger self about investing? Ignore the hot stock and focus on the importance of asset diversification.
Portfolio considerations
December 19, 2022
A senior portfolio manager from Vanguard Equity Index Group talks about the human side of index investing. Turns out, benchmark tracking isn’t only about the data.
Financial wellness & planning
December 16, 2022
Look back at Vanguard research on rebalancing, Roth IRA conversions, charitable giving, asset location, and tax-loss harvesting.
Economics & markets
December 15, 2022
In this short video, Vanguard’s global chief economist, Joe Davis, discusses what’s ahead for the economy in 2023.
Portfolio considerations
December 13, 2022
In a short video, Vanguard’s global head of portfolio construction discusses what’s needed to create a customized portfolio.
Retirement
December 08, 2022
Sustainable withdrawal rates can vary considerably, depending on the levels of desired bequests, portfolio depletion risk, and asset allocation, highlighting the need for customization rather than relying on a single rule of thumb.
About us
December 07, 2022
Vanguard is providing an update about our engagement with the Net Zero Asset Managers initiative (NZAM).
Financial wellness & planning
December 06, 2022
What should investors know about financial advice? Tom Rampulla, managing director of Vanguard Financial Advisor Services, explains how a hands-off approach can keep you on track and isn’t that expensive.
Economics & markets
December 05, 2022
Vanguard is preparing to release its 2023 economic and market outlook. This sneak peek includes insights on inflation, the energy crisis in Europe, long-term structural challenges faced by China, and a more positive outlook on the long-term investment environment.
Economics & markets
December 02, 2022
With the rise of commission-free ETF trading, it’s important to know how to tally the total cost of owning an ETF.
Portfolio considerations
December 01, 2022
Municipal bonds aren’t the only option for the fixed income portion of a tax-efficient portfolio. Taxable bonds can play a role too, according to new Vanguard research.
Economics & markets
November 30, 2022
U.S. shelter costs, a source of inflation pressure, will ease in 2023, bringing the Fed closer to its price stability goal.
Financial wellness & planning
November 29, 2022
Planning a charitable gifting strategy? Here’s what to know about the complexity, tax consequences, and timeline—whether you’re donating cash, corporate stock, or an antique automobile.
Economics & markets
November 28, 2022
Our latest monthly survey of global economies has raised the inflation rate forecast for the U.S.
Behavioral research
November 22, 2022
Investors are feeling more pessimistic about the short-term outlook in financial markets and are having to tap their retirement savings for cash.
Economics & markets
November 21, 2022
The U.S. Treasury market, the world’s deepest, is suffering from a lack of liquidity. With this risk in mind, Vanguard’s active fixed income funds are managing for stability.
About us
November 21, 2022
Research, dialogue, and collaboration with a side of healthy debate sum up Vanguard Global Chief Economist Joe Davis’s regular schedule. Learn more about what goes into his day and what comes out of team discussions.
Portfolio considerations
November 18, 2022
The distinct aspects of bond ETFs are becoming more important to grasp as fixed income ETF use grows.
Economics & markets
November 17, 2022
Our base case is a global recession in 2023 brought about by the efforts to reduce inflation.
Financial wellness & planning
February 15, 2023
In this excerpt from a January 10, 2023, webcast, Vanguard’s CEO talks about our advice services.
Economics & markets
February 14, 2023
China will likely see fairly robust growth in 2023, just enough to keep us out of a global recession.
Portfolio considerations
February 10, 2023
A bottom-up approach to high-yield issue selection may lead to more attractive outcomes.
Economics & markets
February 08, 2023
Despite collapsing natural-gas prices and resilient industrial activity, Europe’s energy crisis isn’t over yet.
Behavioral research
February 07, 2023
Index investing is for the long term, not the short term, said head of Vanguard EIG Rodney Comegys on a recent Animal Spirits podcast.
Economics & markets
September 01, 2023
On August 25, 2023, Bloomberg published a wide-ranging conversation with Greg Davis, Vanguard’s chief investment officer.
Economics & markets
August 31, 2023
Vanguard economists predict fundamental changes in what has been the world’s economic engine.
Portfolio considerations
August 30, 2023
How one team of investors identifies small- and mid-cap growth standouts: A conversation with the managers of the Wellington sleeve of Vanguard Explorer Fund.
Economics & markets
August 24, 2023
There are signals—including some from our own retirement plan data—that show hiring is slowing.
Portfolio considerations
August 23, 2023
U.S. value stocks are poised to outperform U.S. growth stocks over the next ten years. Kevin DiCiurcio, head of the Vanguard Capital Markets Model® research team, explains why.
Financial wellness & planning
August 21, 2023
Investors have opportunities to reduce taxable income. Learn more about how tax analysis techniques can enable savings.
Economics & markets
August 17, 2023
Our global survey of economic conditions features a look at divergent expectations for the key U.S. interest rate.
Economics & markets
August 15, 2023
The central bank may overestimate the economic effects of current interest rates, Vanguard researchers argue in a technical paper.
Asset classes
August 09, 2023
Negative convexity has rejoined duration and credit as central considerations in active muni investing.
Portfolio considerations
August 07, 2023
Learning about ETF premiums and discounts can help you begin optimizing your ETF trading strategies.
Economics & markets
August 03, 2023
Is inflation finally tamed? Not likely unless we see a slowdown in “sticky” categories.
Economics & markets
August 02, 2023
For only the second time in history, the U.S. credit rating has been downgraded. We discuss the ramifications.
Portfolio considerations
August 01, 2023
How do we build target-date funds to help investors save for retirement? A conversation with Vanguard’s Roger Aliaga-Díaz and Michael Roach.
Economics & markets
July 31, 2023
In a Bloomberg podcast, Vanguard’s global chief economist discusses recession, inflation, and the labor market.
Asset classes
July 28, 2023
Vanguard experts discuss what recent rate hikes mean for fixed income returns over the long run.
Behavioral research
July 27, 2023
529 plan investors using a glide-path approach have less investment risk on average than self-directed investors.
Economics & markets
July 26, 2023
Vanguard active fixed income: The potential remains for equity-like returns in fixed income.
Portfolio considerations
July 25, 2023
Misconceptions abound about the 60/40 portfolio. We set the record straight on what it is and how to implement it.
Retirement
July 24, 2023
Automatic savings features have helped participants sock away more—sometimes significantly so—for retirement.
Community stewardship
July 21, 2023
We’re committed to serving our communities year-round were recently honored for Philadelphia-area civic impact.
Economics & markets
July 20, 2023
Our global economic survey features research suggesting that current interest rates may be less restrictive than policymakers believe.
Behavioral research
July 19, 2023
Investors were feeling more optimistic as stocks rebounded in June, according to the latest Vanguard Investor Expectations Survey.
Portfolio considerations
July 13, 2023
We demonstrate how quickly the expense ratio tops the bid-ask spread as the driver of the total cost of owning an ETF.
Economics & markets
July 11, 2023
Here’s a sampling of our latest economic and market research and insights to add to your summer reading list.
Portfolio considerations
July 10, 2023
Vanguard research looks at whether we should change the fixed income home bias in target-date funds.
Portfolio considerations
July 06, 2023
Higher inflation can mean higher return correlation. But that doesn’t offset the benefits of balanced investing.
Portfolio considerations
July 05, 2023
By recognizing the imbalances that can occur in the opening auction, investors can enhance their trading experience.
Community stewardship
June 29, 2023
Our head of community stewardship discusses volunteerism and philanthropy at Vanguard.
Portfolio considerations
June 28, 2023
Where are current global value opportunities? A video conversation with Pzena CEO and portfolio manager Caroline Cai.
Financial wellness & planning
June 27, 2023
Our research outlines practical steps for investors to balance their financial needs with investment goals.
Asset classes
June 26, 2023
Vanguard’s chief investment officer gives his take on how to navigate the current interest rate environment.
Economics & markets
June 26, 2023
Interest rates may rise further, and economic growth may slow. Expected market returns have mostly edged lower since year-end.
Economics & markets
June 22, 2023
Key supports for the U.S. housing market: an undersupply of homes, supportive demographics, and borrower fundamentals.
Portfolio considerations
June 21, 2023
Pzena CEO and portfolio manager Caroline Cai chats about her team’s process and philosophy in this video conversation.
Economics & markets
June 20, 2023
Our global survey of economic conditions features a look at divergent expectations for the key U.S. interest rate.
Behavioral research
June 16, 2023
Breaking down the findings of a recent Vanguard survey on saving for college.
Economics & markets
June 15, 2023
Key supports for the U.S. housing market: an undersupply of homes, demographics, and borrower fundamentals.
Portfolio considerations
June 14, 2023
Pzena CEO and portfolio manager Caroline Cai chats about her firm’s deep value process and philosophy in this video conversation.
Portfolio considerations
June 12, 2023
Our head of portfolio construction addresses the ongoing 60/40 debate in InvestmentNews.
Economics & markets
June 08, 2023
Key supports for U.S. housing market: an undersupply of homes, supportive demographics and borrower fundamentals.
Economics & markets
June 07, 2023
The markets anticipate the Fed cutting rates, but not this year say our economists and machine learning model.
Portfolio considerations
June 06, 2023
Vanguard’s Kevin Khang and Matt Jiannino discuss optimal rebalancing strategies for factor portfolios.
Economics & markets
June 05, 2023
An agreement on the debt ceiling has been signed into law. How should investors respond?
Economics & markets
May 31, 2023
In this 2-minute video, we review how financial markets reacted to past standoffs over raising the U.S. debt limit.
Portfolio considerations
May 31, 2023
A Q&A on the muni market and ETFs with Vanguard senior portfolio manager Stephen McFee.
Economics & markets
May 30, 2023
Lawmakers have reached a bipartisan agreement to raise the debt ceiling. How should investors respond?
Economics & markets
May 30, 2023
In a guest column for Barron’s, Vanguard’s global chief economist contends that the Fed’s inflation fight is far from over.
Economics & markets
May 27, 2023
Vanguard CIO Greg Davis describes the potential paths ahead, including the likelihood of a positive outcome.
Behavioral research
May 26, 2023
In the wake of U.S. regional bank failures, investors’ optimism ticked down and hiring slowed.
Economics & markets
May 24, 2023
In this audiocast, Greg Davis and Sara Devereux discuss the ramifications of a debt default and the precautions we’ve taken.
Economics & markets
May 23, 2023
Learn Vanguard’s views on how investors should respond to the debt ceiling talks in Washington.
Financial wellness & planning
May 22, 2023
We test our framework for where to invest assets intended for a child’s future college education.
Economics & markets
May 18, 2023
Our global survey of economic conditions features a look at divergent expectations for the key U.S. interest rate.
Economics & markets
May 17, 2023
Get Vanguard’s perspective on how we’re responding to the debt ceiling debate and what investors should know.
Asset classes
May 11, 2023
Bonds are back and active management will shine in 2023—two themes that need some caveats.
Financial wellness & planning
May 09, 2023
High-income super savers will benefit from new provisions around RMDs, 529 plans, and more.
About us
May 08, 2023
Three senior leaders share how persistence, work ethic, and mentorship shape their roles and advance gender equity.
Asset classes
May 05, 2023
U.S. stock outperformance over the last decade has likely sown the seeds for their underperformance over the coming one.
Economics & markets
May 04, 2023
Fresh central bank rate hikes highlight the disconnect between hawkish policymakers and investors who’ve been expecting rate cuts in 2023.
Portfolio considerations
May 03, 2023
Having a credit tilt in the bond portion of a portfolio can enhance long-term returns.
Financial wellness & planning
May 02, 2023
Those on the road to retirement (or already there) may benefit from one or more of the changes in SECURE 2.0.
Economics & markets
May 01, 2023
We summarize recent events in the U.S. banking sector and our funds’ exposure to First Republic, and we offer perspective for investors.
Economics & markets
April 27, 2023
Vanguard active fixed income: Higher yields continue to help.
Financial wellness & planning
April 26, 2023
More investors are seeking holistic financial advice to navigate the complex world of wealth management.
Financial wellness & planning
April 25, 2023
New provisions can help young savers who are saving for retirement and also trying to meet nearer-term goals.
Portfolio considerations
April 24, 2023
A Q&A with Dan Pozen, equity portfolio manager of Vanguard Wellington Fund.
Economics & markets
April 21, 2023
We continue to expect mild recessions and generally rising central bank policy rates in major developed economies.
Financial wellness & planning
April 19, 2023
Experts look at when investors are most likely to seek and pay for advice.
Asset classes
April 17, 2023
Paul Malloy, head of municipals and credit research, discusses the bond markets and why munis look attractive.
Economics & markets
April 13, 2023
History shows why investors shouldn’t overreact to market volatility.
Financial wellness & planning
April 12, 2023
Experts distinguish between saving and long-term wealth-building when planning for a secure retirement.
Financial wellness & planning
April 11, 2023
April is Financial Literacy Month and a great time to review ways investors can access financial planning and wellness tools.
Economics & markets
April 10, 2023
In context, recent tech sector layoffs are limited in scope and not likely to spill over to the broader economy.
Financial wellness & planning
April 06, 2023
April is Financial Literacy Month. More money know-how increases the likelihood of reaching financial goals.
Economics & markets
April 03, 2023
Look for consumer spending to play a pivotal role in the U.S. economy in the year ahead.
Economics & markets
March 31, 2023
Roger Aliaga-Díaz shares his views on inflation, recession prospects, and the 60/40 portfolio.
Behavioral research
March 29, 2023
Investors were feeling more upbeat in February about prospects for the stock market and the economy.
Portfolio considerations
March 27, 2023
A Q&A on money markets when rates are rising, stress testing for stability, and our low-fee advantage.
Economics & markets
March 24, 2023
How are recent developments in the banking sector impacting the fixed income markets? Vanguard’s bond chief gives her perspective.
Economics & markets
March 23, 2023
We continue to expect mild recessions in major developed economies.
Portfolio considerations
March 22, 2023
In this excerpt from a January 10, 2023, webcast, Vanguard’s CEO talks about a bellwether asset mix.
Economics & markets
March 21, 2023
Joe Davis, Vanguard’s global chief economist, discusses the trade-offs facing the Fed in its efforts to achieve price stability.
Economics & markets
March 17, 2023
We offer suggestions for navigating the high levels of economic uncertainty and market volatility that constitute “Vanguard weather.”
Economics & markets
March 16, 2023
Market volatility may come and go in the months ahead, so it’s important for investors to stay focused on what they can control, like maintaining balance and diversification in their portfolios.
Retirement
March 16, 2023
Retiring and relocating typically unlocks $100,000 in home equity for retirement, Vanguard research finds.
Portfolio considerations
March 15, 2023
Our research finds favorable potential outcomes in immediately investing a lump sum versus cost averaging or holding on to cash.
Economics & markets
March 14, 2023
Vanguard funds have had limited exposure to securities issued by Silicon Valley Bank or Signature Bank. A chart presents Vanguard funds with direct exposure, as well as the extent of those exposures, as of February 28, 2023.
Economics & markets
March 14, 2023
Amid sudden bank closures, we explain our risk management approach and remind investors to focus on what they can control.
Portfolio considerations
March 14, 2023
Jim Rowley, CFA, describes how passive bond funds are being used to take active positions against the market.
Portfolio considerations
March 09, 2023
Investors have recently favored cash or very short-term bonds, but longer-term bond funds now look better.
Financial wellness & planning
March 08, 2023
In this January 10, 2023, webcast excerpt, Vanguard’s CEO advises nervous investors to control what they can.
Portfolio considerations
March 06, 2023
The past year was brutal for the 60/40 portfolio. But it helps to maintain perspective, looking back and forward.
Portfolio considerations
March 02, 2023
Our CEO says: Find a talented manager, keep expenses low, and hold on for a volatile ride.
Economics & markets
February 28, 2023
Our base case remains a shallow recession in late 2023, but the odds of a “later landing” have increased.
Economics & markets
February 27, 2023
On its 30th birthday, the ETF’s success looms large, and it looks poised to keep attracting new investors in the next generation.
About us
February 23, 2023
In this excerpt from a January 10, 2023, webcast, Tim Buckley explains what sets the firm apart.
Retirement
February 22, 2023
A preview of Vanguard’s How America Saves 2023 indicates most retirement plan participants hold a long-term view.
Economics & markets
February 21, 2023
Recessions likely have begun in the United Kingdom and euro area, and a mild U.S. recession this year remains likely.
Economics & markets
February 17, 2023
Senior portfolio manager Jim D’Arcy discusses the outlook for municipal bonds on the podcast Barron’s Live.
Portfolio considerations
February 16, 2023
Research considers how to measure inflation based on investors' specific circumstances and how to hedge against it.
Retirement
September 05, 2023
Managed portfolios help support participant financial well-being and enhance investor outcomes.
About us
July 12, 2023
Discover highlights of Vanguard’s leadership and innovations on behalf of investors over the years.
Economics & markets
September 21, 2023
Interest rate hikes may be winding down in developed markets, but rates may stay high longer than expected, according to Vanguard economists.
Economics & markets
September 20, 2023
Often overlooked, tracking error can potentially be a greater cost than expenses in index funds and ETFs.
Financial wellness & planning
September 19, 2023
An account with tax-deferred investment growth, employer contributions, and tax-free qualified withdrawals? An HSA can do all that.
Economics & markets
September 18, 2023
Register to attend a live, online Q&A with Vanguard economists on October 4 at 10 a.m., Eastern time.
Economics & markets
September 14, 2023
Our global survey of economic conditions features a look at a divergence between U.S. fiscal and monetary policies.
Behavioral research
September 13, 2023
Investors remained upbeat about the outlook for stocks and the economy and our Fear and Doubt Index eased.
Policy & regulatory
September 11, 2023
Vanguard has developed four principles to help policymakers consider tradeoffs when designing Baby Bonds programs.
Economics & markets
September 08, 2023
Looking for new ideas? You might find some in books recommended by our chief investment officer and three of his colleagues.
Portfolio considerations
September 06, 2023
New Vanguard research considers how to navigate the current environment following recent Fed rate hikes.
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