The Fed has recently indicated that it might push interest rates up in the summer. The market price of bonds moves inversely (i.e. in opposite direction) as interest rates, thus the value of your bonds might decline. However, the market has already incorporated that possibility. Still, when the Fed actually does pull the trigger, bond prices might dip a bit. But don't try to time the market: if bonds (maybe combined with some stocks) are the best investment match for your goal(s), stick with the bonds. We always knew that they would be a little bit risky, which is why they pay more than your bank account.