Interest rate backdrop supports playing offense with bonds, according to Goldman Sachs former ETF head

Bonds may be more than just a safe haven.

BondBloxx ETFs’ Tony Kelly, a former Goldman Sachs Asset Management global ETF head, contends it’s where investors can also play offense due to the market backdrop.

“It’s definitely getting more nuanced,” the firm’s co-founder told CNBC’s “ETF Edge” this week. ”Advisors are being a bit more thoughtful because there is more opportunity in fixed income now that rates are no longer… close to zero [percent].”

The Federal Reserve cut interest rates on Wednesday by a quarter point — its second move this year. The decision took its benchmark rate down to 3.75%-4%, a level that’s still far above zero.

Meanwhile, the benchmark 10-year Treasury Note yield