This is a graph of 10 year Treasury yields from 1880. Clearly the huge amount of debt has led to an incredible rise in rates. WAIT? WHAT? The truth is that outside of the 70's (which started in the 60's) rates were common in the low single digits. Even the Fed Funds rate routinely traded sub-50 bp and no one called it "extraordinary" accommodation. The 70's experience has distorted 2 generation's views on rates. The Bond, back from brief extinction, is worshiped and hoarded. The government is doing its best to accommodate the love-fest. Nothing to see here, move along.