The chart shows that yields on traditional asset classes have continued to fall since 1990. In 1990, the yields on global bonds, U.S. bonds, and a balanced 50% stock/50% bond portfolio were well above a 4% spending target, ranging from 6% to 10%. The yields on global and U.S. equities were closer to 3% in 1990 and have remained fairly stable since, dropping to around 2% in 2020. Meanwhile, the yields on global and U.S. bonds, as well as a balanced 50/50 portfolio, have fallen dramatically since 1990, to their current range around 1%–2%. This is well below a 4% retirement spending target. Global and U.S. bonds fell below a 4% yield around 2003–2004 and have remained below 4% since. This means that in the current climate, the use of any of these asset classes in a portfolio would not yield greater than 4%, which is generally used by income investors as a target spending rate in retirement.