Inverted yield curve
The interest return is fixed for the bond's face value (let's say $100), the more the rate goes up, the more the real value of the bond will come down.
The FOMC rate decisions will have more impact on short term bonds (2-yr, 5-yr, etc.) than the longer term bonds.. Eventually when short term bond rate > long term rates (10-yr, 30-yr) due to higher inflation, we enter a scenario called inverted yield curve.
Historically, inversions of the yield curve have preceded many of the U.S. recessions.
Official FOMC bond rate spread link. Please note, shaded areas are recessions.
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