On July 22nd, Glonhui reported that some US bond managers with tens of billions of dollars in assets under management are avoiding long-term US government bonds because they expect fiscal concerns to cause cyclical volatility. Bond investors are selling long-term US bonds because they worry that Trump's trade and economic policies will push up inflation and US debt levels. Although bond fund managers are cautious about increasing their shareholding in long-term US bonds, they are still bullish on the asset class because the Federal Reserve's interest rate cuts are expected to boost the prices of medium-term US bonds. Chitrang Purani, portfolio manager of Capital Research Global Investors' fixed-income investment portfolio, said he was "underweighting" US government bonds with maturities of 10 years or more in his portfolio, while overweighting intermediate-term bonds to offset this impact.