In a report published in July, Vanguard stated that it expects the annualized return of the U.S. stock market to be between 3.3% and 5.3% over the next decade, which is significantly lower than the S&P 500's annualized return of 15.26% over the past decade. The company's forecast for growth stocks is even more pessimistic, predicting an annualized return of 1.9% to 3.9%. The report also suggested that U.S. Treasury bonds and stocks in developed markets outside the U.S. might perform better, with expected annualized returns of 3.8% to 4.8% and 5.7% to 7.7%, respectively.