Powell marks start of Fed tenure with rate rise; Warns asset prices are 'elevated' in some areas

The Federal Reserve has voted to raise US interest rates by 25bps in Jerome Powell's first meeting as chairman since taking over from Janet Yellen, with a more hawkish path expected over the next couple of years.

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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