Globally, interest rates are headed northwards, and clearly so. The United States (US) 30-year Treasury bond yield is at a 19-year high. Japan 10-year government bond yield is at a 30-year high. Technically, bond yields and interest rates are different. Bond yields are traded levels in the secondary market. Interest rate, as administered by the country’s central bank, is the overnight rate at which it lends to banks when required. For people, interest rates are usually bank deposit or lending rates. Having said that, high bond yields are a precursor or a message. Bond yields have risen due to central bank rate hikes, expected rate hikes, or high government debt levels. Let’s look at the global picture and its impact.