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Maybe this response is too simplistic but wouldn't you only be concerned with a capital loss if you were trying to trade or liquidate the bonds? Remember, there are a number of reasons to trade bonds which include mis-pricing / gain opportunities. Plenty of institutions / individuals do not trade bonds and hold them to maturity. At the end of the life, regardless of interest rates, you will still get principal (assuming no default) with coupon payments along the way.

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If you're talking about the current real world environment, I hate to tell you, but interest rates in the U.S. are not going to rise for years, probably 5 years. In this sort of environment, where interest rate hikes continually get pushed out, longer-term bonds will do better than shorter-term bonds. The Federal Reserve, after expanding its balance sheet so much, has many tools to tighten, before it will revert to raising interest rates.

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