The world's biggest bond markets are in the throes of another rout as a new era of higher for longer interest rates takes hold. In the U.S. Treasury market, the bedrock of the global financial system, 10-year bond yields have shot up to 16-year highs. In Germany, they touched their highest since the 2011 euro zone debt crisis. Even in Japan, where official rates are still below 0%, bond yields are back at levels seen in 2013. Because government borrowing costs influence everything from mortgage rates for homeowners to loan rates for corporates, there's plenty of reason for angst. Here's a look at why the bond rout matters.