Don't wait for Fed. Rising rates trade is on now

Federal Reserve Chair Janet Yellen
Yuri Gripas | Reuters
Federal Reserve Chair Janet Yellen

Federal Reserve officials don't need to raise interest rates, the market is doing it for them.

The dramatic move higher this month by Treasury securities with long-term maturities is nothing short of parabolic. Most notably, the 30-year Treasury yield shot through 3 percent to the highest level since November. At the end of April it was 2.74 percent.

30-year Treasury yield, 6 months

Source: FactSet

It seems almost overnight the concern has gone from deflation to inflation. The latter typically means death for bonds as rising prices reduce the value of coupon payments.

Here are eight ways to play the trend, uncovered by CNBC Pro analysis using Kensho, a quantitative tool used by hedge funds.