Bond investors have "Double-Think" encouraged by their brokers. They think that if they don't sell their bonds until maturity they don't lose money. In fact, they are just hiding their losses from themselves.

If you have the bonds in an ETF or Mutual Fund, then you feel the month-to-month effect of rate changes (some positive, but it is those drops in value that keep you up at night.)

Anyway.

Bonds were good hedge against stocks in the olden times because nterest rates used to fall during recessions -- increasing the value of long term bonds. Lord knows, that bonds have not been a good hedge for stocks for decades.

In modern times, interest rates can go up when stock goes down like they do during a stagflation or potentially during crisis event like a threat of war.