Salman Ahmed, head of global macro and strategic asset allocation at Fidelity International, stated that U.S. long-term Treasury bonds remain vulnerable due to concerns regarding the fiscal deficit and the independence of the Federal Reserve.

He expressed particular concern about the 30-year segment of the yield curve, noting the rapid pace at which long-term bonds could decline, potentially pushing yields up by 25 to 30 basis points within just a few days.

Ahmed further indicated that if the labor market continues to weaken, Republicans may implement fiscal support, which would intensify the pressures faced by long-term Treasuries.

He pointed out that despite a decline in market volatility, real interest rates remain at "very high and stubborn levels."

Ahmed favors high-yield bonds with shorter to medium maturities over investment-grade credit, as the latter is more susceptible to the potential fluctuations of government bonds.