{"id":38683,"date":"2026-10-16T15:19:03","date_gmt":"2026-10-16T07:19:03","guid":{"rendered":"https:\/\/www.syfe.com\/magazine\/?p=38683"},"modified":"2026-10-16T15:38:03","modified_gmt":"2026-10-16T07:38:03","slug":"worried-about-your-income-portfolio","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/magazine\/worried-about-your-income-portfolio\/","title":{"rendered":""},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<!-- Syfe Income+ story, one continuous scroll. WordPress: paste into a Custom HTML block. -->\n<style>\n@font-face{font-family:\"Syfe Proxima\";src:url(https:\/\/cdn.prod.website-files.com\/64d3542964db4e6ae6de7d1d\/65087cad4d0fde07778a9447_ProximaNova-Regular.otf) format(\"opentype\");font-weight:400;font-style:normal;font-display:swap}\n@font-face{font-family:\"Syfe Proxima\";src:url(https:\/\/cdn.prod.website-files.com\/64d3542964db4e6ae6de7d1d\/64ec1dc1bb945b48c0864322_Proxima%20Nova%20Semibold.otf) format(\"opentype\");font-weight:600 700;font-style:normal;font-display:swap}\n@font-face{font-family:\"Syfe Proxima Wide\";src:url(https:\/\/cdn.prod.website-files.com\/64d3542964db4e6ae6de7d1d\/64d366a40bece311dfb058c3_Proxima%20Nova%20Wide%20Bold.otf) format(\"opentype\");font-weight:700;font-style:normal;font-display:swap}\n.sip{width:100vw;margin-left:calc(50% - 50vw);margin-right:calc(50% - 50vw);background:#0B0E1A;font-family:\"Syfe Proxima\",\"Proxima Nova\",Helvetica,Arial,sans-serif;font-synthesis:none}\n.sip-card{position:relative;overflow:hidden;color:#FFFFFF;background:linear-gradient(180deg,#243063 0%,#161C3A 50%,#0B0E1A 100%);min-height:100vh;margin:0;border-radius:0}\n.sip-card + .sip-card::before{content:\"\";position:absolute;left:0;right:0;top:0;height:24vh;background:linear-gradient(180deg,#0B0E1A 0%,rgba(11,14,26,0) 100%);pointer-events:none}\n.sip-hero{background:#20263F}\n.sip-hero::after{content:\"\";position:absolute;left:0;right:0;bottom:0;height:18vh;background:linear-gradient(180deg,rgba(36,48,99,0),#243063 85%);pointer-events:none}\n.sip-hero .sip-inner{padding-bottom:22vh}\n.sip-hero .sip-conn{position:relative;z-index:2}\n.sip-hero + .sip-card{background:linear-gradient(180deg,#243063 0%,#243063 8%,#161C3A 55%,#0B0E1A 100%)}\n.sip-hero + .sip-card::before{display:none}\n.sip-bg{position:absolute;inset:0;width:100%;height:100%;display:block}\n.sip-inner{position:relative;max-width:620px;margin:0 auto;padding:16vh 24px 12vh}\n.sip-card h2{font-family:\"Syfe Proxima Wide\",\"Proxima Nova Wide\",\"Syfe Proxima\",Helvetica,Arial,sans-serif;font-weight:700;text-transform:uppercase;font-size:clamp(30px,5.5vw,46px);line-height:1.12;letter-spacing:.2px;color:#FFFFFF;margin:0 0 36px}\n.sip-card p{font-family:inherit;font-weight:400;font-size:clamp(17px,2.4vw,21px);line-height:1.5;color:#FFFFFF;margin:0 0 24px}\n.sip-card strong{font-weight:700;color:#FFFFFF}\n.sip-chart{margin:44px 0 0;padding:0}\n.sip-chart svg{width:100%;height:auto}\n.sip-conn{display:flex;flex-direction:column;align-items:center;margin:56px auto 0;gap:6px}\n.sip-more{font-size:14px;font-weight:600;letter-spacing:3px;text-transform:uppercase;color:#D9B66F;opacity:.9}\n.sip-conn svg{overflow:visible}\n.sip-path{fill:none;stroke:#D9B66F;stroke-width:4;stroke-linecap:round;stroke-dasharray:0.1 12;animation:sipflow 1.6s linear infinite}\n.sip-arrow{fill:none;stroke:#D9B66F;stroke-width:3;stroke-linecap:round;stroke-linejoin:round;animation:sipbob 1.6s ease-in-out infinite}\n@keyframes sipflow{to{stroke-dashoffset:-24}}\n@keyframes sipbob{0%,100%{transform:translateY(0)}50%{transform:translateY(5px)}}\n@media (prefers-reduced-motion:reduce){.sip-path,.sip-arrow{animation:none}}\n<\/style><div class=\"sip\"><section class=\"sip-card sip-hero\"><svg class=\"sip-bg\" viewBox=\"0 0 1080 1920\" preserveAspectRatio=\"xMidYMid slice\" aria-hidden=\"true\">\n<defs><linearGradient id=\"sipg1\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" stop-color=\"#2447D8\"\/><stop offset=\"1\" stop-color=\"#1A2F9E\"\/><\/linearGradient>\n<linearGradient id=\"sipg2\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" stop-color=\"#2F4FD0\"\/><stop offset=\".6\" stop-color=\"#6B4FA6\"\/><stop offset=\"1\" stop-color=\"#C2566E\"\/><\/linearGradient>\n<linearGradient id=\"sipg0\" x1=\"0\" y1=\"0\" x2=\"0\" y2=\"1\"><stop offset=\"0\" stop-color=\"#20263F\"\/><stop offset=\"1\" stop-color=\"#4E5A8C\"\/><\/linearGradient><\/defs>\n<rect width=\"1080\" height=\"1920\" fill=\"url(#sipg0)\"\/>\n<polygon points=\"0,40 0,760 560,1430 1080,1430 1080,1150 300,420\" fill=\"url(#sipg1)\" opacity=\".85\"\/>\n<polygon points=\"500,1250 960,1150 1080,1280 1080,1920 1000,1920\" fill=\"url(#sipg2)\" opacity=\".9\"\/>\n\n<\/svg><div class=\"sip-inner\"><h2>Worried about your income portfolio?<\/h2><p>We understand that this is a stressful time for income investors. Interest rates globally have risen because of growing debt, a heated US economy and inflation worries.<\/p><p>Given that bond prices move inversely to interest rates, and <strong>Income+<\/strong> consists of bonds, performance has inevitably been impacted.<\/p><p><strong>But the same headwinds that have hurt performance could soon turn in your favour.<\/strong><\/p><div class=\"sip-conn\" aria-hidden=\"true\"><span class=\"sip-more\">Keep reading<\/span><svg viewBox=\"0 0 40 52\" width=\"40\" height=\"52\"><g class=\"sip-arrow\"><path d=\"M6,6 L20,18 L34,6\" opacity=\"1\"\/><path d=\"M6,20 L20,32 L34,20\" opacity=\".55\"\/><path d=\"M6,34 L20,46 L34,34\" opacity=\".25\"\/><\/g><\/svg><\/div><\/div><\/section><section class=\"sip-card sip-plain\"><div class=\"sip-inner\"><h2>What happened: inside Income+<\/h2><p>September was particularly tough for <strong>Income+<\/strong> as the Fed hiked for the first time in three years, and investors&#x2019; concerns heightened across the developed world, from the US to Europe.<\/p><p>But the steady payouts have cushioned much of the shock year-to-date, keeping <strong>Preserve<\/strong> close to flat and <strong>Enhance<\/strong> positive.<\/p><figure class=\"sip-chart\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\" style=\"width:100%;height:auto;max-width:900px;display:block\" viewBox=\"0 0 900 850\" font-family=\"Syfe Proxima, Proxima Nova, Helvetica, Arial, sans-serif\">\n<text x=\"0\" y=\"34\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"start\" letter-spacing=\"1.5\">INCOME+ RETURNS<\/text>\n<text x=\"0\" y=\"70\" font-size=\"22\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"2\">SEPTEMBER AND YEAR TO DATE, 2026<\/text>\n<text x=\"470\" y=\"140\" font-size=\"24\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">Preserve<\/text>\n<line x1=\"320\" y1=\"156\" x2=\"470\" y2=\"156\" stroke=\"#8C97C9\" stroke-width=\"3\"\/>\n<text x=\"670\" y=\"140\" font-size=\"24\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">Enhance<\/text>\n<line x1=\"520\" y1=\"156\" x2=\"670\" y2=\"156\" stroke=\"#D9B66F\" stroke-width=\"3\"\/>\n<text x=\"900\" y=\"140\" font-size=\"24\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">US 10-year yield<\/text>\n<line x1=\"710\" y1=\"156\" x2=\"900\" y2=\"156\" stroke=\"#A9AFCC\" stroke-width=\"3\"\/>\n<text x=\"0\" y=\"228\" font-size=\"22\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"start\" letter-spacing=\"2\">SEPTEMBER<\/text>\n<text x=\"900\" y=\"228\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">+0.54%<\/text>\n<text x=\"900\" y=\"256\" font-size=\"18\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"end\" letter-spacing=\"0\">4.75% &#x2192; 5.29%<\/text>\n<line x1=\"0\" y1=\"276\" x2=\"900\" y2=\"276\" stroke=\"#A9AFCC\" stroke-opacity=\"0.35\" stroke-width=\"1.5\"\/>\n<text x=\"0\" y=\"318\" font-size=\"24\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">NAV change<\/text>\n<text x=\"470\" y=\"318\" font-size=\"26\" font-weight=\"400\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">&#x2212;3.80%<\/text>\n<text x=\"670\" y=\"318\" font-size=\"26\" font-weight=\"400\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">&#x2212;3.77%<\/text>\n<text x=\"0\" y=\"368\" font-size=\"24\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">Dividend payout<\/text>\n<text x=\"470\" y=\"368\" font-size=\"26\" font-weight=\"400\" fill=\"#D9B66F\" text-anchor=\"end\" letter-spacing=\"0\">+0.48%<\/text>\n<text x=\"670\" y=\"368\" font-size=\"26\" font-weight=\"400\" fill=\"#D9B66F\" text-anchor=\"end\" letter-spacing=\"0\">+0.52%<\/text>\n<line x1=\"0\" y1=\"396\" x2=\"900\" y2=\"396\" stroke=\"#A9AFCC\" stroke-opacity=\"0.6\" stroke-width=\"1.5\"\/>\n<text x=\"0\" y=\"430\" font-size=\"24\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"start\" letter-spacing=\"0\">Total<\/text>\n<text x=\"470\" y=\"430\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">&#x2212;3.32%<\/text>\n<text x=\"670\" y=\"430\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">&#x2212;3.25%<\/text>\n<text x=\"0\" y=\"502\" font-size=\"22\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"start\" letter-spacing=\"2\">JAN&#x2013;SEP<\/text>\n<text x=\"900\" y=\"502\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">+1.11%<\/text>\n<text x=\"900\" y=\"530\" font-size=\"18\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"end\" letter-spacing=\"0\">4.18% &#x2192; 5.29%<\/text>\n<line x1=\"0\" y1=\"550\" x2=\"900\" y2=\"550\" stroke=\"#A9AFCC\" stroke-opacity=\"0.35\" stroke-width=\"1.5\"\/>\n<text x=\"0\" y=\"592\" font-size=\"24\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">NAV change<\/text>\n<text x=\"470\" y=\"592\" font-size=\"26\" font-weight=\"400\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">&#x2212;5.09%<\/text>\n<text x=\"670\" y=\"592\" font-size=\"26\" font-weight=\"400\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">&#x2212;3.82%<\/text>\n<text x=\"0\" y=\"642\" font-size=\"24\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">Dividend payout<\/text>\n<text x=\"470\" y=\"642\" font-size=\"26\" font-weight=\"400\" fill=\"#D9B66F\" text-anchor=\"end\" letter-spacing=\"0\">+4.11%<\/text>\n<text x=\"670\" y=\"642\" font-size=\"26\" font-weight=\"400\" fill=\"#D9B66F\" text-anchor=\"end\" letter-spacing=\"0\">+4.33%<\/text>\n<line x1=\"0\" y1=\"670\" x2=\"900\" y2=\"670\" stroke=\"#A9AFCC\" stroke-opacity=\"0.6\" stroke-width=\"1.5\"\/>\n<text x=\"0\" y=\"704\" font-size=\"24\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"start\" letter-spacing=\"0\">Total<\/text>\n<text x=\"470\" y=\"704\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">&#x2212;0.98%<\/text>\n<text x=\"670\" y=\"704\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">+0.51%<\/text>\n<text x=\"0\" y=\"776\" font-size=\"20\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">Total = NAV change plus monthly dividend payouts (not reinvested), SGD. Data to 30 Sep 2026.<\/text>\n<text x=\"0\" y=\"806\" font-size=\"20\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">US 10-year yield: US Treasury closing yields at start and end of each period.<\/text>\n<text x=\"0\" y=\"836\" font-size=\"20\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">Source: Syfe, Bloomberg, FRED. Past performance is not indicative of future returns.<\/text>\n<\/svg><\/figure><div class=\"sip-conn\" aria-hidden=\"true\"><svg viewBox=\"0 0 40 52\" width=\"40\" height=\"52\"><g class=\"sip-arrow\"><path d=\"M6,6 L20,18 L34,6\" opacity=\"1\"\/><path d=\"M6,20 L20,32 L34,20\" opacity=\".55\"\/><path d=\"M6,34 L20,46 L34,34\" opacity=\".25\"\/><\/g><\/svg><\/div><\/div><\/section><section class=\"sip-card sip-plain\"><div class=\"sip-inner\"><h2>Will things get worse?<\/h2><p>The last two times 10-year yield sat near 5% (2002, 2023), it slid about one percentage point lower within a year. History doesn&#x2019;t repeat. But it shows how quickly the tide can turn.<\/p><p>Given that the energy shock is a one-off, inflation could ease into next year. In fact, markets&#x2019; inflation expectations have barely budged YTD. Yields could stabilise around 5.5% as Fed tightening begins to cool the economy.<\/p><figure class=\"sip-chart\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\" style=\"width:100%;height:auto;max-width:760px;display:block\" viewBox=\"0 0 760 506\" font-family=\"Syfe Proxima, Proxima Nova, Helvetica, Arial, sans-serif\">\n<text x=\"0\" y=\"34\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"start\" letter-spacing=\"1.5\">10-YEAR US TREASURY YIELD<\/text>\n<text x=\"0\" y=\"70\" font-size=\"22\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"2\">THE YEAR AFTER IT LAST HIT ~5%<\/text>\n<text x=\"540\" y=\"140\" font-size=\"24\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">2002<\/text>\n<line x1=\"390\" y1=\"156\" x2=\"540\" y2=\"156\" stroke=\"#8C97C9\" stroke-width=\"3\"\/>\n<text x=\"760\" y=\"140\" font-size=\"24\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">2023<\/text>\n<line x1=\"610\" y1=\"156\" x2=\"760\" y2=\"156\" stroke=\"#D9B66F\" stroke-width=\"3\"\/>\n<text x=\"0\" y=\"222\" font-size=\"22\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">Peak yield<\/text>\n<text x=\"540\" y=\"222\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">5.44%<\/text>\n<text x=\"540\" y=\"250\" font-size=\"17\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"end\" letter-spacing=\"0\">1 Apr 2002<\/text>\n<text x=\"760\" y=\"222\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">4.98%<\/text>\n<text x=\"760\" y=\"250\" font-size=\"17\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"end\" letter-spacing=\"0\">19 Oct 2023<\/text>\n<line x1=\"0\" y1=\"272\" x2=\"760\" y2=\"272\" stroke=\"#A9AFCC\" stroke-opacity=\"0.35\" stroke-width=\"1.5\"\/>\n<text x=\"0\" y=\"314\" font-size=\"22\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">12 months later<\/text>\n<text x=\"540\" y=\"314\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">3.84%<\/text>\n<text x=\"540\" y=\"342\" font-size=\"17\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"end\" letter-spacing=\"0\">1 Apr 2003<\/text>\n<text x=\"760\" y=\"314\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" text-anchor=\"end\" letter-spacing=\"0\">4.08%<\/text>\n<text x=\"760\" y=\"342\" font-size=\"17\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"end\" letter-spacing=\"0\">18 Oct 2024<\/text>\n<line x1=\"0\" y1=\"364\" x2=\"760\" y2=\"364\" stroke=\"#A9AFCC\" stroke-opacity=\"0.35\" stroke-width=\"1.5\"\/>\n<text x=\"0\" y=\"434\" font-size=\"19\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">Daily closing yields.<\/text>\n<text x=\"0\" y=\"464\" font-size=\"19\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">Source: Federal Reserve Board via FRED (DGS10).<\/text>\n<text x=\"0\" y=\"494\" font-size=\"19\" font-weight=\"400\" fill=\"#A9AFCC\" text-anchor=\"start\" letter-spacing=\"0\">Past performance is not indicative of future returns.<\/text>\n<\/svg><\/figure><div class=\"sip-conn\" aria-hidden=\"true\"><svg viewBox=\"0 0 40 52\" width=\"40\" height=\"52\"><g class=\"sip-arrow\"><path d=\"M6,6 L20,18 L34,6\" opacity=\"1\"\/><path d=\"M6,20 L20,32 L34,20\" opacity=\".55\"\/><path d=\"M6,34 L20,46 L34,34\" opacity=\".25\"\/><\/g><\/svg><\/div><\/div><\/section><section class=\"sip-card sip-plain\"><div class=\"sip-inner\"><h2>Should I sell?<\/h2><p>The lesson: <strong>Selling prematurely can turn paper losses into actual ones, unnecessarily.<\/strong> At 5%, income can help soften further blows.<\/p><p>Historically, high starting yields have pointed to strong future returns. When interest rates turn, capital gains can add to the payouts &#x2013; <strong>making now an opportunity to top up, not retreat.<\/strong><\/p><figure class=\"sip-chart\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\" style=\"width:100%;height:auto;max-width:900px;display:block\" viewBox=\"0 0 900 728\" font-family=\"Syfe Proxima, Proxima Nova, Helvetica, Arial, sans-serif\">\n<text x=\"0\" y=\"34\" font-size=\"26\" font-weight=\"700\" fill=\"#FFFFFF\" letter-spacing=\"1.5\">10-YEAR US TREASURY<\/text>\n<text x=\"0\" y=\"70\" font-size=\"22\" fill=\"#A9AFCC\" letter-spacing=\"2\">SCENARIOS 12 MONTHS FROM NOW<\/text>\n<text x=\"0\" y=\"126\" font-size=\"22\" fill=\"#A9AFCC\" letter-spacing=\"2\">IF YIELDS&#x2026;<\/text>\n<text x=\"240\" y=\"126\" font-size=\"22\" fill=\"#A9AFCC\" letter-spacing=\"2\">TOTAL RETURN<\/text>\n<line x1=\"240\" y1=\"146\" x2=\"240\" y2=\"606\" stroke=\"#A9AFCC\" stroke-opacity=\"0.5\" stroke-width=\"2\"\/>\n<path d=\"M179.748031496063,160 H240.0 Q240.0,160 240.0,160 V208 Q240.0,208 240.0,208 H179.748031496063 Q175.748031496063,208 175.748031496063,204 V164 Q175.748031496063,160 179.748031496063,160 Z\" fill=\"#4E5578\"\/>\n<text x=\"0\" y=\"194.0\" font-size=\"27\" fill=\"#7F86A6\">Rise 1 pt<\/text>\n<text x=\"254\" y=\"195.0\" font-size=\"30\" font-weight=\"700\" fill=\"#7F86A6\">&#x2212;1.6%<\/text>\n<path d=\"M240,256 H304.26771653543307 Q308.26771653543307,256 308.26771653543307,260 V300 Q308.26771653543307,304 304.26771653543307,304 H240 Q240,304 240,304 V256 Q240,256 240,256 Z\" fill=\"#4E5578\"\/>\n<text x=\"0\" y=\"290.0\" font-size=\"27\" fill=\"#7F86A6\">Rise 0.5 pt<\/text>\n<text x=\"322.26771653543307\" y=\"291.0\" font-size=\"30\" font-weight=\"700\" fill=\"#7F86A6\">+1.7%<\/text>\n<path d=\"M240,352 H444.8188976377953 Q448.8188976377953,352 448.8188976377953,356 V396 Q448.8188976377953,400 444.8188976377953,400 H240 Q240,400 240,400 V352 Q240,352 240,352 Z\" fill=\"#4E5578\"\/>\n<text x=\"0\" y=\"386.0\" font-size=\"27\" fill=\"#7F86A6\">Stay flat<\/text>\n<text x=\"462.8188976377953\" y=\"387.0\" font-size=\"30\" font-weight=\"700\" fill=\"#7F86A6\">+5.2%<\/text>\n<path d=\"M240,448 H593.4015748031496 Q597.4015748031496,448 597.4015748031496,452 V492 Q597.4015748031496,496 593.4015748031496,496 H240 Q240,496 240,496 V448 Q240,448 240,448 Z\" fill=\"#D9B76E\"\/>\n<text x=\"0\" y=\"482.0\" font-size=\"27\" fill=\"#FFFFFF\">Fall 0.5 pt<\/text>\n<text x=\"611.4015748031496\" y=\"483.0\" font-size=\"30\" font-weight=\"700\" fill=\"#FFFFFF\">+8.9%<\/text>\n<path d=\"M240,544 H746.0 Q750.0,544 750.0,548 V588 Q750.0,592 746.0,592 H240 Q240,592 240,592 V544 Q240,544 240,544 Z\" fill=\"#D9B76E\"\/>\n<text x=\"0\" y=\"578.0\" font-size=\"27\" fill=\"#FFFFFF\">Fall 1 pt<\/text>\n<text x=\"764.0\" y=\"579.0\" font-size=\"30\" font-weight=\"700\" fill=\"#FFFFFF\">+12.7%<\/text>\n<text x=\"0\" y=\"672\" font-size=\"20\" fill=\"#A9AFCC\">Total return = interest + price change on a 10-year US Treasury.<\/text>\n<text x=\"0\" y=\"702\" font-size=\"20\" fill=\"#A9AFCC\">Source: Bloomberg, as of 1 Oct 2026. For illustration only.<\/text>\n<\/svg><\/figure><\/div><\/section><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We understand that this is a stressful time for income investors given the run-up in global interest rates. 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