IN recent weeks, the global financial market has been tumultuous, especially the bond market. More importantly to watch is the dynamics of United States government bonds, known as treasury bills or T-bills. The yield of the 10-year T-bill, for example, rose to 4.72 percent last week and continues to climb, reaching its highest level since 2007.

The general public may not be aware of this turmoil. One impact, however, is felt in our daily life: t