Also, higher interest rates making borrowing more expensive, which could make companies less profitable, burden households with higher debt levels, slow economic growth and even lead to a recession.
What should you do now?
Do not invest or remove long-term bonds from your portfolio! These bonds will face heavy loss if interest rates going up. If you do plan to invest in bonds, invest in bonds with shorter duration (less than 3 years). The shorter a bond's duration, the less likely it will lose value as a result of interest rates.
Where to invest?
You could consider Vanguard Short-Term Bond ETF (BSV) which is a low-cost exchange traded fund with annual expense ratio of only 0.07%.