(Bloomberg) -- For Ford O'Neil at Fidelity Investments, the newest king of the bond world, now isn't the time to go out on a limb. His reign is starting with more questions than answers, about the sweeping changes Donald Trump is promising and the Federal Reserve's policy outlook.

On the one hand, he's confident in the reflation trade that's gripped financial markets since November. That means owning Treasury Inflation Protected Securities, or TIPS, and leveraged loans in his $25.7 billion Fidelity Total Bond Fund to protect against accelerating price growth and climbing yields.

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