Despite the federal reserve opening up the monetary spigots again and vowing to bring down the long part of the yield curve, markets had the opposite reaction lately:
While present rates are low from a historical perspective, the trend indeed is now up. If this continues it will have more visible financial consequences. Essentially, those structured with long durations will take valuation losses. Conversely, those that financed their debt with long durations will do favourably (as long as the market believes they are able to pay back or refinance the debt!).
My quarterly performance so far today is absurdly good and this actually frightens me somewhat. Higher interest rates eventually will affect the valuation of the equity markets.