Most financial media keeps their focus on the stock market, but the bond market can be a significant portion of an investment portfolio and a major driver of returns. This often overlooked asset has the potential to be exciting this year. The bond market turned heads in 2022 by putting up its worst year for returns since1926. One might think that means that bonds can only move up from here. But will they? To start, fixed income is paying income again! As the chart below illustrates, an increasing share of the bond market is paying north of 4% yields now. This is significantly more than we've seen over the past decade.