Fed Raises Rates again

So the Fed is raising rates again to 3.25%. How is this affecting the 10yr treasury? Not the way that it is "supposed to", but rather, the way it has been in the last several months. The 10yr is below 4%! At the close it was at 3.94%. What does this mean??

You really need to keep your fixed income holdings SHORT. Some people are proposing the bar bell strategy. Looking at the current inventory and the prices of these longer-term bonds, you really don't want to go out more than 3yrs. When I say longer-term, I'm talking about 15+yrs.

The yield curve is pretty flat. What does that mean? It means that if the short term rate is 3.25% and the 10yr rate is 3.94%, there isn't that much of a difference in the yield, is there? So, why would you want to hold onto something for 10yrs and get 3.94% when you can get into something that matures in 1yr at a rate of just above 3.25%??