[W]e expect fixed income markets to remain volatile, but we do not believe that we will see a precipitous drop in prices and overly dramatic advance in yields. For one reason, inflation still remains tame, which means the Fed is under less pressure to move quickly ... Although several members of the Federal Reserve have clearly indicated that the central bank’s longstanding easing bias presents some risks, without inflationary pressure the Fed is unlikely to quickly shift away from monetary accommodation .