Global markets trimmed losses Monday afternoon, as stocks and oil dropped on the heels of weak manufacturing reports around the world.
Amid the global uncertainty and volatility, investors dumped riskier assets like stocks, in favor of safe haven assets, including Treasurys.
Addressing Fed policy and its impact on the markets, Robert Tipp, chief investment strategist, senior portfolio manager and head of global bonds at Prudential Fixed Income, said case for global bonds remains "selectively" persuasive.
"The Federal Reserve certainly tried to "thread the needle" at last week's meeting," he said. "They want to raise rates, but realized they don't have to do it right away. Expect them to move much more deliberately and slowly, going forward, so they don't spook the markets."
Tipp urged Investors to take a long and strategic approach right now.
"They need to recognize we are late in the cycle, so bonds will more likely earn yields with less volatility than riskier equities right now," Tipp said.
Read MoreFed policy front and center
Against this backdrop, Tipp favors investment grade, hard currency emerging markets debt and higher quality high yield.
Tipp also said European peripherals and selected financials look attractive, but only when risk markets settle down a bit.
Among the funds Tipp manages is the Prudential Global Total Return Fund, which holds a four star rating from Morningstar and a five year return of +3.51 percent.
Prudential Fixed Income is among the world's largest global fixed income managers, with $575 billion in assets under management as of December 31, 2015. It is a division of PGIM, the global investment management business of Prudential Financial .