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COVID-19 has caused economic activity worldwide to fall sharply. A deep, short recession will likely be followed by a slow recovery.
The low-interest-rate environment is a favorable backdrop for developed markets to retire pandemic-related debt. Central banks, meanwhile, may soon provide guidance on how they'll start unwinding assets.
Vanguard outlines how its return expectations for shares and bonds have changed in the wake of the COVID-19 pandemic.
Economic recovery ahead, but key risks remain.