If you’re a bond investor, forget the fact that the Federal Reserve is ratcheting up interest rates, because bonds in the United States still look better than bonds in most of the rest of the world. That global demand means bond returns won’t be going anywhere anytime soon, according to a recent Bloomberg report that highlights projections from the Vanguard Group.

“In an environment where there’s so much cash floating around from the easing policies of global central banks, it’s very likely that you have low yields for an extended period,” Vanguard bond manager Greg Davis said in the article.

The Malvern-headquartered mutual fund giant has the largest ownership stake in U.S. Treasuries, at $200 billion.

Until interest rates hit 3 percent — potentially not before 2020 — that foreign demand could offset the country’s interest rate and economic growth gains, Vanguard Chief Economist Joseph Davis added in the article.

Read more about Vanguard’s take on the drivers of bond yields in the coming years and the Federal Reserve’s impact on rates on Bloomberg here.