Yield Curve Strategies and Rising Interest Rates

Consider a fixed income portfolio manager analyzing yield curve strategies to maximize returns while managing interest rate risk. The manager believes that short-term interest rates will rise in the near future, impacting the yields on bonds of various maturities.

To benefit from this expected increase in rates, the manager is contemplating two different yield curve management strategies:

1. A bullet strategy that focuses on intermediate-term bonds.

2. A barbell strategy that invests in both short-term and long-term bonds.

Which of the following strategies would likely provide better protection against rising interest rates?