The Vanguard Intermediate-Term Corporate Bond ETF (VCIT), meanwhile, invests in high-quality corporate bonds with a dollar-weighted average maturity of 5 to 10 years. And while markets expect the Fed to cut interest rates before year-end, a machine-learning model from Vanguard suggests otherwise. Vanguard senior economist Asawari Sathe said the firm expects inflation to “remain above 3% through year-end,” while unemployment hits 4.5%.