Recently, or maybe not so recently, there has been talk of the Fed going to enter in cycle of raising the interest rates. When interest rates are expected to be risen in the future, bonds with long-term maturity(>1year) will suffer the most since their price is expected to drop to have the same increasing interest rate. But will this put pressure on the long-term European bonds of countries like Portugal, Greece, etc? (I'm new to this, hence the lack of specificity in my question. Sorry ;). Also feel free to correct me any time. I'm learning.) I would expect them to be obliged to follow the current, and also have a decrease in price(increase in rates), unless the ECB is willing to allow devaluation of the Euro against Dollar. Is this a strong hypothesis?
Also, I've heard that since this talk of increasing the rates has been going for sometime now, and if the markets are at least semi-strong, then there really should be no change, since they have already incorporated this public information. I'm not expecting no change whatsoever if the Fed increases the rates, but should we give some weight to this perspective, and expect little changes?
Any help would be appreciated.