Previously purchased bonds will decline in relative value. E.g. say you bought a 10 year corporate bond a couple years ago, say at 2% interest. Newer bonds will

Previously purchased bonds will decline in relative value. E.g. say you bought a 10 year corporate bond a couple years ago, say at 2% interest. Newer bonds will be issued at a much higher yield to be attractive in a higher fed rate/inflation environment, making all these old bonds lose value in comparison.