As we make our way through 2021, bond investors continue to face the challenge of finding income/cash flow in a world of low interest rates. While the 10yr US Treasury bond rate has had a meaningful increase to start the year from just under 1% to about 1.6%, this interest rate is still at extremely low levels compared to historical context. Bond investors have seen yields drop for close to 40 years now. The drop in yields over these 40 years has resulted in amazing returns for bond investors because as market rates fall, bond prices rise. This inverse relationship between bond prices and interest rates is known as interest rate risk and is defined as the risk a bond’s value could change due to movement in prevailing market rates, shape of the yield curve, and various other interest rate relationships. In addition to interest rate risk, bond investors also face credit default risk, which reflects the borrower’s ability to repay the loan over time. In this piece, we will focus on where to find income and the asymmetric interest rate risk bond investors face today.