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Have seen a sharp increase in US and global interest rates, both in emerging markets in 2021, and in developed market countries in 2022.
Yield to worst is a very strong, reliable predictor of what future returns will be for investors if they hold an investment to maturity, or over a four- to five-year time period.
If the Fed does not deliver as many rate hikes that are priced in, investors will likely be very happy that they own some portion of their funds in US Treasuries.