The World Is Entering a Higher-Rate Era. Governments, Companies and Consumers Could Foot the Bill.

A global bond sell-off has pushed yields to multiyear highs across major economies, raising the cost of financing everything from government deficits and corporate expansion to mortgages and car purchases. (Credit: AFP via Getty Images/Saul Loeb)

The era of cheap money may be giving way to borrowing costs that could remain elevated for years, forcing governments, businesses and households to rethink how much debt they can actually afford.

A global bond sell-off has pushed yields to multiyear highs across major economies,CNBC noted, raising the cost of financing everything from government deficits and corporate expansion to mortgages and car purchases.