In the span of about one year, the Federal Open Market Committee (FOMC) has raised the federal funds target rate from near zero to around 5%. This has driven up other rates—mortgages, US Treasuries, bank loans, etc. Given the high speed at which rates have risen, there are concerns about the cost of rolling over the existing debt for firms, households, and governments. Specifically, when debt matures, issuers must decide whether to "roll over" their debt—by issuing new debt at the current rate—or find other resources to repay the debt. […]