Bond fund performance for 2025

Thoughts on bond performance over the next year? I think we will likely see another fed rate drop or two, but predicting more than 3 or 4 months out is sketchy. It is also hard to know how much of the Trump campaigning talk will come to fruition. I expect inflation to start slowly increasing, maybe by Q2 of next year. I am considering moving some money out of bonds and am looking for opinions.

Here is some context. I semi-retired about 8 years ago and moved a bit of money to a bond fund that models the US aggregate bond index. Prior to this I had seldom placed much money into bonds as I am fairly risk tolerant. I decided to move to a more traditional mix based on age. I am about 40% bond, 60% stocks. My total assets are about 50% real estate, so about 20% of my assets are bonds. I am generally not using my 401/IRA money yet. My income comes from real estate investments and will continue for another 5 years or so until I really retire. I retired from my day job, but only consider myself semi-retired because of how much time I spend in real estate investing (buying and selling property, new construction).

I review my investments regularly but don't actually rebalance often; maybe every couple of years. I am considering a rebalance soon by reducing the amount in bonds. Thoughts?