Our CEO reflects on Vanguard’s first 50 years and outlines how we will continue to take a stand for investors.

While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction, having trimmed credit risk and moved up in quality, while utilizing duration as a hedge. Amid continued market and policy uncertainty, fixed income remains a crucial component of a diversified investment strategy—serving as a long-term portfolio ballast and providing attractive yields by historical standards.

The U.S. Treasury debt market is the deepest and most liquid sovereign bond market in the world, offering investors easy access to bonds free of credit risk.

Investors are uneasy. To make sense of today’s volatility, it can be helpful to look at the past. It demonstrates that volatility isn’t one-directional or constant in magnitude, nor is it always spurred by the same type of risk.