The ability to tune out all the noise is increasingly important in the modern-day market, added Colas of ConvergEx Group.
"One of the hallmarks of 2014 is that we're going to see a lot more volatility in stocks than we have in the past three years," he said. "The equity market should still deliver 7 percent to 9 percent returns on an annual basis, but you're going to have to work much harder for those returns than you once did. That's why having a good anchor in your bond portfolio is so important."
That's not to say that buy-and-hold investors can't minimize interest-rate risk by being tactical with their future bond purchases.
Longer-term bonds are generally more volatile, or sensitive to interest-rate fluctuations, while shorter-duration bonds, including Treasuries with a maturity of three to seven years, are less sensitive to rising rates than the 30-year bond, or even the benchmark 10-year Treasury.
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Given the return of economic stability and the rising rate environment, Colas suggests that bond investors in the market to buy should focus on high-quality corporate bonds, tax-exempt municipal bonds and shorter-duration Treasurys.
"In many ways, investment-grade corporate bonds are safer than most government bonds," he said. "U.S. corporations, in particular, are in such a good position from a balance-sheet standpoint and in most cases are generating record profits.
"These are well-run companies that have come through the fire in the past couple of years and emerged extremely strong," he said.
Be forewarned, however, that shorter-duration bonds pay less than long-term bonds. As such, income investors may need to tweak their equity allocation to cover their cash-flow needs, said Ghodsi at Raymond James.