Jan.11 -- Federal Reserve officials have taken a less hawkish tone since the central bank's December meeting, when they raised interest rates. In the past week, Fed Chairman Jerome Powell and other officials have stressed that the Fed will be patient and flexible in responding to economic data, including the potential effects of the trade war. Lisa Hornby, U.S. fixed-income portfolio manager at Schroders, Tom Atteberry, portfolio manager of First Pacific Advisors, and Mary Bowers, senior portfolio manager at HSBC Global Asset Management, talk with Bloomberg's Jonathan Ferro about Powell's "patient" message, the Fed's balance sheet and the U.S. yield curve.