3% Treasury yields: A bull-market pause or start of a bear market?

As 10-year Treasury yields tiptoe through the 3% mark and the yield curve continues to flatten, managers have started to weigh-up the possibility of a looming recession while others claim we remain some way off.

To continue reading this article...

Join Investment Week for free

Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
Get ahead of regulatory and technological changes affecting fund management
Important and breaking news stories selected by the editors delivered straight to your inbox each day
Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
Be the first to hear about our extensive events schedule and awards programmes

Already an Investment Week
member?

Partner Insight: Markets hold steady amid uncertainty

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund, provides an overview of the macroeconomic environment and outlines his views across the strategy’s main alpha sources. Despite geopolitical tensions and economic concerns, market sentiment remains resilient, with short-lived volatility spikes and credit spreads rallying in recent weeks. Against this backdrop, he highlights why his highest conviction forex position is a short US dollar against a basket of emerging market currencies.

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund

22 July 2025 • 5 min read