So, the second most-read story suggested that investors seeking more EM bond exposure may want to consider the Vanguard Emerging Markets Government Bond Index Fund ETF Shares (VWOB). Amid a year when the Federal Reserve was raising interest rates to battle record-high inflation, it was the worst period for fixed income in nearly a century. But while it was a terrible, horrible, no good, very bad year for bonds, investors and advisors were still wanting to see where the opportunities were in the space, or if there was a light at the end of the tunnel.