Every quarter for the past several years there's been speculation almost every meeting rates were going up 1/4 point. I think they've raised it once in the past many years, it all depends on the economy and how Yellen et. al. think. She's been pretty doveish, but I believe rates will go up another 1/4, if not this meeting, probably the next assuming the economy is still progressing. even at the snail's pace it has been. Rates have been kept low for the past, what, 7-8 years? That's somewhat of a silver lining in the massive debt the O has piled on since then, it's all been at relatively low interest rates.
I'm not a bond guy but I know the bond market has taken a huge hit in the past few years but particularly hard recently, but like I said, not a bond guy and don't know much about the whole bond market, but I watch financial channels a lot and just parroting what I've heard.