Global rates are rising. (Brazil is the most recent rate rise to 11.75%. If your looking for yield, take a serious look at their Gov bonds.) With economic growth, higher rates are inevitable. But there is always two schools of thought. Whether you're a believer in Bill Gross' disagreeable outlook that rates will rise because of QE2 ending, or the 'I still believe in America' Buffett camp of American economic growth, the conclusion will be the same: higher rates for America.
If this is the only outcome, for good and bad scenario, a way to play it is the TBT. It looks interesting here, via the weekly.