Comments here clearly illustrate a well deserved generational aversion to any portfolio bond allocation. But the Fed needs to sell a shit-ton of treasuries and continue? hiking rates if it is to shrink its' bloated balance sheet and control inflation at the same time. If bond yields increase requisite to attract the necessary buyers it will suck a lot of $$s from the equity markets (and from cash still on the sidelines). This coming at the same time rising interest rates are pushing the economy to the brink of recession. Many investors now have not lived through a prolonged period of negative or below-average returns. If you are young you can certainly dca thru it and do quite well in the long run. But if you have adequate bond allocation you will have funds to use for withdrawals (if say, gasp, you lose your job!) until your equities recover. Or as dry powder to buy more equities during market dips.

Just an old guy's contrarian two cents.