I don’t think most people are actually trying to fight the Fed. Don’t get me wrong; some are. But most people seem to be betting the Fed is going to win, just much earlier than the Fed thinks they’re going to win.
If the Fed does get inflation under control, 10/30 year fixed Treasuries have a decent yield. 30yr TIPS are just shy of 1.5%, 30yr Treasuries are just over 3.6%, so with a little fudge they’re predicting a long term inflation rate of 2%. That’s the Fed target.
The long contrarian play is buy TIPS, betting on inflation. The short contrarian play is short 10/30yrs. The Fed play is probably TIPS or tangibles.