Interest rates are on the rise in the U.S. The era of extremely low yields that arose in response to the Great Recession appears at an end. Central banks around the world including the U.S. Federal Reserve (“Fed”) have been carefully assessing appropriate policies in light of rates of growth and inflation for their respective economies. Higher rates are good news for savers and lenders but less so for borrowers and current bondholders. A review of global interest rates and inflation can provide perspective.