This Seeking Alpha article
reviews how wrong investment expectations were in early 2011:
Expectations of rising interest rates. Fears of massive municipal bond defaults. Heading in to 2011, those were the two strong trends that investors expected would shape the fixed income market. But as we know now, 2011 turned out to be almost the opposite of expectations.
Two lessons mentioned in the article are diversification and liquidity. Another one in my opinion is to avoid trying to time the markets or predicting when rates will change. For those with CDs, it means to stick with your CD ladders.