The cost of capital has risen sharply over the past two years, and government bond yields have accelerated especially since the summer. This is a global phenomenon. As Warren Buffet says, "Interest rates are to asset prices what gravity is to the apple". This is due to two simultaneous phenomena: on the one hand, the higher the interest rate, the lower the discounted future cash flows; and on the other hand, the very effect of higher interest rates is to make access to credit more difficult and thus to slow down economic activity. In this document, we project the future levels of the various interest rates for the US, the euro area and its major countries from a macroeconomic perspective. We do this in a pedagogical way for easy understanding, explaining where to look to know if rates are overvalued or not. The ultimate aim is to help you make more informed business decisions in the medium and longer term.