A (traditional, not brokered) CD is basically a treasury bond with an embedded put. If rates go up, you surrender the CD to the bank, pay the penalty, and go chase higher rates. If rates go down, you clip coupons. The difference between a CD and a bond is that if rates rise the bondholders take it in the cornhole. So in an environment where I am worried about the effects of a rising rate environment I have been emphasizing CDs over bonds.
If you are of a conservative mindset, check out merger arbitrage funds. The ones with long track records are MERFX and ARBFX.