The next phase of higher interest rates is starting and it’s a combination of the Federal Reserve selling many $billions of its bond portfolio plus the U.S. government ramping up its sales of new debt securities. Both short- and long-term interest rates can be expected to increase another one or more percent by year-end choking off business borrowing and creating more bank crises. Bad news aside it may be time to start planning for a recovery starting in 2025 or, possibly, later.