• Mexico
  • South America
  • Vanguard global sites
Contact us
  • Fund type

    • All funds
    • ETFs
    • Mutual Funds

    About our products

    • Index ETFs
    • Mutual Funds
  • Insights

    • All
    • Economic & market outlook
    • Vanguard insights
  • Explore

    • ETF fundamentals
  • About Vanguard
  • Contact us

    Stay informed

    Economic & market outlook

    Read timely insights and analysis from our senior leaders, economists, and investment experts.

    Back To Top

    Insights

    Apr 28, 2025 10 min

    Our investment and economic outlook, April 2025

    Vanguard has updated its forecasts for broad asset class returns through a March 31, 2025, running of the Vanguard Capital Markets Model® (VCMM). The probabilistic return assumptions depend on market conditions and change with each running over time. Forecast changes relative to the December 31, 2024, running of the VCMM are attributable both to market movements and enhancements to our model itself.

    All investing is subject to risk including the possible loss of the money you invest. Vanguard is owned by its U.S. mutual funds, which are owned by Vanguard’s fund shareholder clients.

    © 1995-2025 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor of the Vanguard Funds. Your use of this site signifies that you accept our terms & conditions of use. For institutional use only (and not for retail use in the United States).

    • Privacy notice
    • Do Not Sell or Share My Personal Information
    • Site security
    • Terms and conditions