We will see the Fed raise rates tomorrow but beyond that, it will depend on the economic data, which is pretty mixed right now. We are not buying Treasuries.
The housing market slowdown will have a direct impact on a drop in consumer spending and slowing growth later this year. This is a good time to be buying bonds with yields at these levels.
We cannot rule out that the Fed won't raise rates in June if the economy is still strong. We still don't want to buy Treasuries yet.