The "Fast Money" traders debated how to position ahead of a possible September rate hike.
Trader Guy Adami said that a September rate hike would help the Federal Reserve regain some of its credibility. He said he remains bullish on bonds.
"I still think that the 10-year is going to sort of sit back down to 1.4, 1.5 percent. But on the other side of that, I think you're going to see the front-end of the curve move up," Adami said.
Trader Brian Kelly said he thinks it's a good idea to buy into the bond market and utilities at this point, especially if an investor is looking for yield.