From 24/7 Wall Street:
The market saw interest rates rise in the second quarter on expectations that the Federal Reserve is ready to raise interest rates soon. Wall Street pundits see the rate increases starting anywhere from September to December to not until 2016. A new report from Merrill Lynch makes the case that so-called rate trade stocks that were bond proxies during the years of a low-rate environment may have seen unwarranted sell-offs and could be ready to trade higher.