Today on the program, we welcome portfolio manager Sri Tella. Sri is based out of Fidelity’s fixed income headquarters in Merrimack, New Hampshire, and for Canadian investors is involved with 12 Fidelity funds, including Fidelity Canadian Bond Fund, Corporate Bond Fund, and the fixed income subportfolio of Fidelity Inflation-Focused Fund. Sri comments on the Bank of Canada’s latest interest rate announcement calling it marginally hawkish. The BoC seemed to emphasize that rates could go higher depending on inflation. Sri says the Bank of Canada clearly remains data-dependent and it will most likely stay like that. With the announcement, there was marginal outperformance in the Canadian fixed-income rates versus the US. The overall bond market outlook shows a risk in the near term that rates continue to drift up, but Sri says fixed income will generally be attractive in this environment.

Recorded on March 9, 2023.

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