Explore how today’s higher-yield environment is reshaping the role of fixed income in portfolios, from income generation and diversification to potential tax efficiency. We’ll also break down the evolving macro backdrop—from Fed policy to geopolitics—and what it may mean for bond markets in 2026.
Investing involves risk, including risk of loss.
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In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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The views expressed are as of the date indicated and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author, as applicable, and not necessarily those of Fidelity Investments. The third-party contributors are not employed by Fidelity, and have not received compensation for their services.
This information is general in nature and provided for educational purposes only.
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Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
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As Investment Director, Karen Manna is responsible for articulating the strategy, process, positioning and performance of Federated Hermes’ fixed-income portfolios and frequently meets with clients and consultants. She is also responsible for portfolio
management and research in the fixed-income area and sits on all the fixed-income Alpha Pod committees. Karen has 25 years of investment experience.
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Before joining Federated Hermes in 2004, Karen was a real estate portfolio analyst and a fixed-income product manager at Fidelity Management Trust
Company. She then went on to serve in various roles at Federated Hermes. These roles included: director of research and fixed-income marketing; senior
product manager of fixed income; portfolio manager and senior investment analyst for tax-free money markets and bonds; and portfolio manager and
senior investment analyst on the investment-grade bond team.
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Karen earned a bachelor’s degree from The Pennsylvania State University and an MBA from Boston College.
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The third parties mentioned herein and Fidelity Investments are independent entities and are not legally affiliated.
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Kate Ward, MBA is a Team Leader in Social Media at Fidelity Investments, where she leads a team of associates dedicated to servicing and educating users across social platforms on the market and Fidelity’s suite of products and services.
With a strong foundation in strategy and client servicing, Kate brings a diverse background spanning roles across Fidelity in Client Services, Portfolio Advisory Services, Active Trader Services, the Trading Strategy Desk®, and Social Media, along with leadership across those areas.
She is a Registered Securities Representative (Series 7), General Securities Sales Supervisor (Series 9/10), and Registered Options Principal (Series 4). Kate earned her bachelor’s degree in Accounting from the University of Maryland in 2014 and a Master’s of Business Administration with a concentration in Finance from the University of North Florida in 2020.Â
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Series exams are administered by the Financial Industry Regulatory Authority and state securities administrators. Individuals are required to pass certain examinations and/or meet other criteria in order to be eligible to partake in certain securities industry activities.
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