Joe Davis

Joe Davis

Joe Davis, Ph.D., is Vanguard's chief economist and head of Vanguard Investment Strategy Group, whose research team is responsible for helping to oversee Vanguard's investment methodologies and asset allocation strategies for both institutional and individual investors. In addition, Joe is a member of the senior portfolio management team for Vanguard Fixed Income Group, which oversees more than $500 billion in assets under management. Joe frequently presents at various investment forums and has published studies on a variety of macroeconomic and investment topics in leading academic journals. Joe earned his Ph.D. in macroeconomics and finance at Duke University.

Recent blog posts by Joe Davis

Economy & markets

The outlook for bonds: Are the good times about to end?

U.S. interest rates today are clearly low and below historical long-term averages. Recalling the double-digit rates of the 1970s and early 1980s, I still find it somewhat astonishing that the yields on a broadly diversified basket of high-quality bonds (whether … Read more

Economy & markets

Global contagion: Europe’s next export?

In the summer at the beach as a boy, I used to dig in the sand and dream of finding pirate treasure. Old silver and gold coins from Spain and other parts of Europe that may have once washed upon … Read more

Economy & markets

Why investors should ignore the Fed

On December 16, 2008, the Federal Reserve cut its target for the shortest-term interest rate to nearly 0%. The Fed’s bold policy action was one of many aggressive steps taken to stabilize global financial markets and a U.S. economy that … Read more

Economy & markets

Why I still own Treasuries

Bond funds have generally been on a total return “tear” the past several years, given the sharp decline in U.S. Treasury yields.

Bond fund cash flows have been solid, especially into corporate and municipal bond funds, which tend to carry … Read more

Economy & markets

$10 salads, $4 gas, and low inflation

Note: For an expanded look at Vanguard’s outlook for inflation—and an explanation of the data behind our analysis—read our interview with Joe Davis on

As Vanguard’s chief economist, I’m often asked about inflation. And it’s an important topic. … Read more

Economy & markets

Dividend-paying stocks are not bonds

A popular question from my friends is “Where do I go for income in this low-yield environment?” There isn’t an easy answer.

Here’s why: Yields on money market funds are near 0%, and long-term Treasury bond funds are yielding below … Read more

Economy & markets

Monetary policy’s sacrificial lambs

A few months ago, my wife and I opened a small savings account for our young children to help teach them the power of saving. Compound interest. All that good stuff.

We talked about taking their pennies, dimes, and birthday … Read more

Economy & markets

A pothole, not a soft patch

Every Wednesday night, my next-door neighbor and I tend to take out our garbage at about the same time. Don’t know how that happens, but we usually get to talking about the usual topics—our kids, sports, the weather. And every … Read more

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