Investors are now worried about higher interest rates on government bonds, despite the fact that they only climbed to the lowest level in the last 300 years (in the history of the United States there has never been such a low yield on 10-year government bonds as it is now).
But the fear of investors and economists is now associated not simply with the growth of the yield on US government bonds.
Looking back over the past 40 years, there is a worrying problem. Every time interest rates reach the top of their downtrend, a financial crisis occurs. The graph below shows the steady decline in rates and GDP, along with various crises arising from temporary rate hikes.
Simply put, the moment of raising rates usually coincides with a financial crisis, albeit not always very severe.