A panel of three bond experts at a Fidelity Institutional Wealth Services advisor conference Tuesday called emerging market debt the most attractive choice in fixed income.

Emerging market issues are the best choice long term if you can take the volatility, said USAA Investments Senior Vice President Matt Freund.

Columbia Management Senior Portfolio Manager Gene Tannuzzo concurred, but said for investors who want Steady Eddie shock absorbers, munis are the way to go.

He noted that municipal bond defaults have declined for each of the last three years.

The two and Transamerica Asset Management Portfolio Manager Todd Howard predicted the interest rate for 10-year Treasury bonds will be at 3.25 percent at year’s end. At the end of Tuesday, the rate stood at 2.68 percent.

All three professionals agreed the interest rate rise will be slower than it was in 2013.

Columbia’s Tannuzzo is forecasting a 50-basis-point rise this year versus 130 last year.

The bond experts were in unison that too many advisors focus too much on the 10-year Treasury yield, explaining few investors own them and many bonds don’t track that interest rate in lockstep.

Freund said he is worried about deflationary pressure on bonds around the world, but Tannuzzo said with employment rising and excess manufacturing capacity declining that is not a short-term concern.

“If deflation is going to be a problem, those trends have to change,” he said.

He added this should be a less favorable year for corporate bond investors since many companies are focusing their attention on boosting rewards for shareholders through dividends and stock buybacks.

Transamerica Asset Management Portfolio Manager Todd Howard, an emerging markets expert, said his firm has increased its exposure to the Ukraine in the belief that aid from the United States and the International Monetary Fund will be stabilizing.