T. Rowe Price's Ritu Vohora: Rethinking fixed income

After a decade of ultra-loose monetary conditions that suppressed yields and reduced the effectiveness of bonds to diversify portfolios - the case for fixed income assets seems to be ironclad. Rising interest rates have boosted the income they offer with yields in many sectors at multi-year highs. Take high yield debt, for example. With global and European high yield debt yields near decade-highs, they represent good value for investors to lock in an attractive yield. History shows investors with a one- to- two-year time horizon can reasonably expect to earn double digits returns if they...