A Steady Fund for Bond Market Volatility

Uncertainty around interest rates has the bond market on pins and needles, but this top Fidelity fund can give investors peace of mind.

two stacks of teal and blue pebbles balanced on a seesaw
(Image credit: Getty Images)

Bond prices and interest rates move in opposite directions, so bond market volatility was high in 2022 and 2023, when the Federal Reserve raised the federal funds rate at a record pace. 

But uncertainty about the path of interest rates can destabilize bonds, too, so price swings have continued into 2024. "It's been a challenging time," says Elizah McLaughlin, who manages the Fidelity Intermediate Municipal Income Fund (FLTMX) with Cormac Cullen and Michael Maka

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Nellie S. Huang
Senior Associate Editor, Kiplinger's Personal Finance

Nellie joined Kiplinger in August 2011 after a seven-year stint in Hong Kong. There, she worked for the Wall Street Journal Asia, where as lifestyle editor, she launched and edited Scene Asia, an online guide to food, wine, entertainment and the arts in Asia. Prior to that, she was an editor at Weekend Journal, the Friday lifestyle section of the Wall Street Journal Asia. Kiplinger isn't Nellie's first foray into personal finance: She has also worked at SmartMoney (rising from fact-checker to senior writer), and she was a senior editor at Money.