This weekend's Barron's magazine writes, "How to Protect Your Bond Investments From Inflation and Interest-Rate Threats," which is almost more about money markets than bond funds. They write, "Many financial advisors do that with a cash stash—certificates of deposit, money-market funds, high-yield savings accounts, and sometimes ultrashort bond funds. Although earning less than 2% interest isn't ideal, the idea is to make sure that any near-term income a retiree will need besides Social Security and guaranteed sources like pensions and annuities doesn't get wiped out in either a stock or bond shock." Barron's also tells us, "Short-term bonds are often the most resilient during periods when interest rates are rising, because they typically mature in one to three years and allow investors to get their money out and reinvest it at higher rates relatively quickly.... Paying attention to duration is especially important for retirees who plan to make withdrawals from bond funds.... For short-term bond funds, Morningstar's top-rated exchange-traded funds are Vanguard Short-Term Treasury(VGSH), Schwab Short-Term Treasury(SCHO), and iShares 1-3 Year Treasury Bond(SHY)."