The rate cycle drives everything. Raoul always says that "bonds are the truth." And that’s the basis of Raoul's discussion with Jeff Moore, who oversees part of the $1 trillion Fidelity Investments bond portfolio. Jeff is a macro guy and a tactical asset allocator, so he talks the language of markets, economies, and central banks and understands the big picture secular trends and the business cycle. Jeff outlines his views on the rate cycle and what it means for government bonds, the U.S. dollar, and credit markets. When bonds are driving the business cycle, we need to listen to the Big Bond Investor. Recorded on May 6, 2022.