I agree. I am very wary of bonds losing value as rates, in general, start to rise. In fact I wrote about that a year ago — before the pandemic, in this article “Beware of Bonds.”
Of cours, during he pandemic the Fed has purchased all sorts of bonds, pushing rates down. So currently rates are artificially low. The question is whether the Fed can keep doing that in the face of more borrowing, more money creation — and an eventual market reaction that demands higher rates for refinancing our U.S.govt debt. Bonds are no longer the “safe” portion of your portfolio. And they are certainly NOT a substitute for CDs! Yes, you get no interest on CDs these days — but you won’t lose a penny.