Where did the smart money go in December?

In the euphoria of the early 2013 rally, it is easy to forget the grim shadow cast by the US fiscal cliff at the end of 2012.

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Global bond markets sell-off highlights worldwide fiscal concerns

Flood of issuance also contributing

Patrick Brusnahan

03 September 2025 • 3 min read

Bonds

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