Link: https://www.incomeresearch.com/wp-content/uploads/2022/12/IRM-Infographic-Carrying-Us-Into-2023.pdf
‘Higher yields should help total returns in 2023. Fixed income investors benefit from higher reinvestment rates, especially those investors with longer time horizons. Coupon income typically more than offsets negative price return, and with rates now much higher, this carry should help protect investors from further downside risks.’