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  • Writer's pictureArjun Mittal

Abbey Road Investment Views, Mar. 2023

Updated: Apr 4, 2023

US rates in the medium term

• Where rates settle medium-term is key for investors

• A return to near zero looks unlikely

• Rising bond yields offer opportunities (Focus p2)

• PE ratios down but stocks dearer vs bonds (p3)


One of the biggest uncertainties facing investors with a 3-5 year time horizon is where US interest rates will settle in the medium run. Will official rates and 10-year bond yields in

2024 - 2026 settle around the 5% area which was regarded as normal in the 1990’s and early 2000’s? Or return to the very low levels of the 2010’s? Or to something in between – say 3-4%? The path of inflation will be very important in the next year or two but, beyond that, the pace of economic growth will be key.

Download the full Investment Views of the month below.

Abbey Road Investment Views March 2023
Download PDF • 541KB

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