Josh Brown said the Fed Funds futures market is right on the rate story.
Jim Lebenthal said the move in yields is healthy.
Trader disclosure: On June 3, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Halftime Report" traders: PETE NAJARIAN: Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP, PFE, he is long calls AAL, AAPL, BBY, BMY, C, COP, DAL, EBAY, EEM, EMC, F, GE, GS, HPQ, IMAX, LEN, MT, NEE, PFE, SYY, TEVA, TJX, UAL, UPS, VZ, WSM, XLF, ZIOP. JON NAJARIAN: Long AEP, BBY, CS, CSLT, GE, HOG, HSBC, HZNP, KORS, MCD, MW, NEE, NRG, PG, RHT, SIMO, SYK, TTWO, TLT, VIX, XLI, YPF, he is long calls AIG, ANF, ARIA, CBS, CTXS, DE, DRI, EBAY, GE, GLD, IDTI, JNPR, KING, KO, LLY, MCD, NUAN, PG, PHM, SFUN, SNDK, SUNE, he is long KORS puts. Today he bought HOG, CBS calls, NUAN calls, SFUN calls, and AIG calls. JOSH BROWN: Long AAPL, DE, DNKN, EBAY, FSLR, JMBA, SAM, SHAK, SPWR, TNET, TWTR, XLE, XON. JIM LEBENTHAL: Long AAPL, BP, C, CSCO, DCO, EEQ, GAIA, GM, IBM, INTC, JCP, MPC, OA, ORBC, PFE, QCOM, SJT, SPLS, TGT, TIF, TRMB, WGO.