Tucker recommends that investors not shift out of their higher-yielding intermediate-term bond funds solely out of fear of the Fed. "This cycle of rate-raising is going to be longer and slower than many in the past," he said.
John Collins, director of investment advisory at Aspiriant, which manages $8 billion for clients, also thinks investors don't need to worry much about the Fed and need to remain exposed to intermediate term bonds.
Collins has adopted a more defensive position in the last 18 months, reducing duration and credit risk by scaling back overweight positions in high-yield and municipal bonds, but he's sticking with allocations to intermediate term funds. "We're focused on quality managers in the intermediate portion of the market," Collins said. "I'm not saying there's no risk, but properly positioned, we think fixed income provides ballast and diversification for our clients."
Read MoreEl-Erian: Stocks still have a lot more room to fall
Blackrock thinks that with low inflation and low expectations for growth, long-term interest rates won't necessarily rise in step with Fed rate hikes. "We advise investors to stay the course and not worry about drastic increases in interest rates," Tucker said.
The central bank has given ample notice that it plans to raise short term interest rates for the first time since the financial crisis. With short-term rates at zero for more than six years, however, no-one knows how the market will react to a rate hike, which has led to some investor hysteria.
"We keep having things that are expected treated as unexpected when they happen," Stokes said.
But right now, bonds aren't the part of the market taking many investors by surprise. They might need the ballast offered by bonds for a while.
—By Andrew Osterland, Special to CNBC.com