Report / Fixed Income / Global
Rates, Duration and the New Bond Allocation
Published 2026-09-19 · BLOOMBERG WEALTH Research Desk
How duration, yield curves and credit spreads change the role of bonds in diversified portfolios.
Executive brief
A bond yield is not a guaranteed total return. Price changes, defaults, reinvestment and currency movements can offset contractual income.
Questions for due diligence
Test a rate increase, a steeper curve and wider credit spreads separately. Match cash flows to spending needs and liquidity constraints.
Scenario framework
- Base case: review the stated assumptions for fixed income and record which evidence would change the assessment.
- Stress case: consider weaker returns, reduced liquidity and higher costs together. An illustrative scenario is not a forecast.
Primary sources
Educational research brief. Scenarios are not forecasts or personalized advice. Follow the primary references for current data and methodology.