Recent ructions in financial markets have been attributed in part to an end of the long phase of falling interest rates around the world. In this scenario, the US Federal Reserve (Fed) raises its funds rate at its policy meeting next week and other central banks, including the RBA, that have mostly been easing policy stop. Most central banks also talk aloud about how monetary policy easing has been stretched to impotency or worse in priming economic growth and in future their political masters will need to do more policy heavy-lifting with budget spending. No more monetary policy easing plus a rising government debt funded lift in budget spending around the world could produce a marked rise in government bond yields and an end to the lower for longer interest rate world, but we have significant doubts whether this will happen over the next year-or-two. Instead, it seems likely that central banks, whatever they wish might happen to reduce their policy burden, will be left with more work to do to try and support growth.