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Fed's Williams says relative market calm reflects uncertain outcome?

BY Reuters | ECONOMIC | 07:24 PM EST

NEW YORK, Jan 12 (Reuters) - Federal Reserve Bank of New York ?President John Williams ?said on Monday ?the relatively ?calm market ?pricing amid the political ?tumult ?around the central bank reflects the ?uncertainty ?over ?how events will play out.

In response ?to audience questions at a Council on Foreign Relations event, ?Williams ?said the relative calm ?of market moves shows investors are waiting to see what the end ?game will be. (Reporting by Michael S. Derby; ?Editing by Christian Schmollinger)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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