Investors An Oasis of Bond Opportunities Fixed income is relevant again-finally. Undiscovered Manager 56 GoodHaven 2.0 Sector Rap 59 Restaurant Revolution User Profile 62 Keeping Cool Brian Moriarty MORNINGSTAR CONVERSATION The bond market ended 2023 with a bang. Easing inflation pressures and a moderation of the Federal Reserve's interest-rate policy sparked fixed income's fourth-quarter comeback. Meanwhile, the stock market surged. The current environment makes bonds relatively attractive for 2024- but the possibilities of continued inflation and recession still loom. For insight into the current state of the bond market, I turned to three portfolio managers whose funds have earned Silver and Gold ratings from Morningstar's fixed-income manager research analysts: Andrew Norelli, lead manager of the multisector JPMorgan Income JMSIX and comanager of JPMorgan Core Plus Bond HLIPX; Ford O'Neil, comanager of Fidelity Total Bond Fund FTBFX and Fidelity Total Bond ETF FBND; and Jerome Schneider, head of Pimco's short-term desk and lead manager of several short-term strategies and comanager of Pimco Active Bond ETF BOND. Our conversation took place on Dec. 12. The transcript has been edited for length and clarity. Andrew Norelli, portfolio manager at J.P. Morgan Asset Management. Ford O'Neil, portfolio manager at Fidelity Management & Research. Jerome Schneider, portfolio manager at Pimco. 50 Morningstar Q1 2024https://www.morningstar.com/funds/xnas/jmsix/quote https://www.morningstar.com/funds/xnas/hlipx/quote https://www.morningstar.com/funds/xnas/hlipx/quote https://www.morningstar.com/funds/xnas/ftbfx/quote https://www.morningstar.com/funds/xnas/ftbfx/quote https://www.morningstar.com/etfs/arcx/fbnd/quote https://www.morningstar.com/etfs/arcx/fbnd/quote https://www.morningstar.com/etfs/xnys/bond/quote