Many fixed-income investors have not experienced unusually low real interest rates after the 2008 recession. This is because taxes and inflation reduce the actual returns investors earn. To maintain the same real after-tax yield, investors need more than a one-to-one compensation for inflation. Long-term Treasury bonds have remained attractive for taxable investors, with a 1.0% post-tax real yield in 2016. Short-term Treasury bond yields have been low but not exceptionally so.