US Treasury yields rise to levels not seen since 2019

US Treasury yields have risen to their highest level since 2019, after the US Federal Reserve hiked interest rates for the first time since 2018 last week, and indicated this week that it will “move more aggressively”, if required, to bring down inflation.

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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