Charudatta Shende, fixed income strategist at Candriam, the US investment manager, told a webinar that Candriam was taking a cautious stance on the US interest rate market. "We think rates are likely to rise and with that will come considerable volatility," he said. He said the policies of US president-elect Donald Trump would put upward pressure on inflation and support economic growth, although tariffs would ease that pressure to some extent. However, he added that the outlook for US fiscal policy remained unclear.