diff --git a/libguile/fluids.c b/libguile/fluids.c
index f62693338..ebdb48fbc 100644
--- a/libguile/fluids.c
+++ b/libguile/fluids.c
@@ -350,22 +350,17 @@ fluid_ref (scm_t_dynamic_state *dynamic_state, SCM fluid)
 
   entry = scm_cache_lookup (&dynamic_state->cache, fluid);
   if (scm_is_eq (SCM_PACK (entry->key), fluid))
-    val = SCM_PACK (entry->value);
+    return SCM_PACK (entry->value);
+
+  if (SCM_I_FLUID_THREAD_LOCAL_P (fluid))
+    val = scm_hashq_ref (dynamic_state->thread_local_values, fluid,
+                         SCM_I_FLUID_DEFAULT (fluid));
   else
-    {
-      if (SCM_I_FLUID_THREAD_LOCAL_P (fluid))
-        val = scm_hashq_ref (dynamic_state->thread_local_values, fluid,
-                             SCM_UNDEFINED);
-      else
-        val = scm_weak_table_refq (dynamic_state->values, fluid,
-                                   SCM_UNDEFINED);
+    val = scm_weak_table_refq (dynamic_state->values, fluid,
+                         SCM_I_FLUID_DEFAULT (fluid));
 
-      if (SCM_UNBNDP (val))
-        val = SCM_I_FLUID_DEFAULT (fluid);
-
-      /* Cache this lookup.  */
-      fluid_set_x (dynamic_state, fluid, val);
-    }
+  /* Cache this lookup.  */
+  fluid_set_x (dynamic_state, fluid, val);
 
   return val;
 }
diff --git a/test-suite/tests/fluids.test b/test-suite/tests/fluids.test
index a5ca8857e..949d50410 100644
--- a/test-suite/tests/fluids.test
+++ b/test-suite/tests/fluids.test
@@ -49,8 +49,18 @@
 	  (interaction-environment))))
 
 (with-test-prefix "initial fluid values"
-  (pass-if "fluid-ref uninitialized fluid is #f"
-    (not (fluid-ref a)))
+
+  (pass-if "fluid-ref returns #f for uninitialized fluid"
+    (eq? #f (fluid-ref (make-fluid))))
+
+  (pass-if "fluid-ref returns #f for uninitialized thread local fluid"
+    (eq? #f (fluid-ref (make-thread-local-fluid))))
+
+  (pass-if "fluid-ref returns default"
+    (eq? #t (fluid-ref (make-fluid #t))))
+
+  (pass-if "fluid-ref returns thread local default"
+    (eq? #t (fluid-ref (make-thread-local-fluid #t))))
 
   (pass-if "initial value is inherited from parent thread"
     (if (provided? 'threads)