A lot of that depends on what your current allocation is, what allocation you are considering moving towards, and what your goals are for the money you are talking about. We are sort of in a catch-22 of sorts.
With a high likelihood that interest rates will start increasing in the next 6-12 months, it is probably not the best time to move a sizable portion of one's portfolio to fixed income, unless you are going to focus on short term fixed income, which would be impacted a bit less by increasing interest rates than longer-term fixed income. Since the likelihood is high that interest rates will probably start increasing in the relatively near future, that means it is almost a certainty that the price of existing bonds will decline.
On the flip side, the markets as a whole, and some individual stocks are at, or near, all time highs. Some would assume, and argue, that this means there is nowhere to go but down. If you subscribe to that philosophy, then moving a chunk from fixed income (which is almost certain to decline at least somewhat price-wise in the next 6-12 months) to equities probably does not sound appealing.
However, if you believe that there is no way to know what will happen in the equity markets in the short-term (i.e. prices might go down from here, but they might continue going up for an extended period as well) and that at some point in time now and over the next 30 or 40 years, equities will continually reach new, higher "all-time highs", then it may be much more palatable to move money from fixed income into equities at the moment.
There is no right or wrong answer to your question since we don't know what your current allocation is, what your short and long-term goals are, etc.
If you have a long-term time horizon (say 5, 10, 20+ years), then moving out of fixed income into equities right now is probably fine. Even if the equity markets took a short-term hit, their long-term prospect is still excellent, especially when compared to fixed income.
If you are thinking more about moving more of your portfolio to fixed income, now is probably not the best time unless you are talking about target short-term fixed income instruments.
Hope this helps some and best of luck.