@ng1989 Fixed income is also subject to interest rate risk and inflation risk.
If you're looking at 3% average inflation per year going forwards (example, good luck predicting what Ursula will do, and with no disrespect, I'm sure she'd like to know too), your effective yield from those bonds turns into 1%, whereas effective yield from an effective 13%-16% nasdaq turns into 10%-13%.
Bundling in more "fixed income" assets will always drag your long-term growth portfolio down, ...unless you time the market, or get lucky... . Odds of getting a double dip, another opportunity to buy stock at a discount like we had late last year beginning of this year are low, .. therefore odds of being able to profit from that fixed income drag are also low... maybe going 90/10 .. 80/20 in a couple of years, just so you get the optionality then, would be great, but I think it's too soon to prep for another market crash now.
Re inflation and interest rates themselves, I wouldn't expect ECB or Fed to flip from QT into QE so recklessly and so soon after M/M inflation falling to near 0 (it's been practically zero or negative for many components of CPI except for housing/rent and labor costs ... which are always laggy), but I'm skeptical of both further austerity measures or any long-term austerity or additional tax raises, simply because of political polarization that we're seeing in much of the developed world working against any long term investing. (I wish things were different, but even climate pledges which should be an easy sell are being played down, and defense spending is also being a hard sell, more austerity to fund those things is obviously a hard sell).