The 10-year outlook for the global stock market is likely to be attractive despite elevated market volatility, below-average growth projections and short-term interest rates around 0% in the U.S. That’s according to research released Tuesday by Vanguard. 

The mutual fund manager estimates that global equity markets over the next 10 years will earn nominal returns in the range of 6% to 9%, modestly below the 9.8% historical average earned since 1926. Even when adjusted for inflation, a global equity portfolio has a 50% chance of earning “at least the 6% average annualized real return that has been observed since 1926,” Vanguard said in its report. 

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