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Do you mean long term bonds or do you think short term will be affected as well? If it is a rising rate environment then t-bills or MMFs probably have more to gain from the rising rates than risks from a drop in value of held bonds

Do you mean long term bonds or do you think short term will be affected as well? If it is a riding rate environment then t-bills or MMFs probably have more to gain from the rising rates than risks from a drop in value of held bonds