Fixed-income investors did not benefit, however. A $10,000 stake in the iShares Core U.S. Aggregate Bond ETF grew only to $11,616, including interest, while Powell presided over the Fed. Those who stuck with a near-cash, risk-free equivalent, the State Street SPDR Bloomberg 1-3 Month T-Bill ETF, would have wound up with $12,277—even after earning close to zero for two years starting in early 2020.
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