Constructively speaking, the federal reserve is engaging in raising interest rates, without actually raising the short term rate. The theory of what to invest in when rates rise is functionally the correct strategy here.
There is not a lot that is going to thrive except for US cash.
The federal reserve is likely to continue in the normalization direction for quite some time to come and as a result, volatility will be prevalent. Buying volatility is likely to be a winner.