When interest rates rise, it's better to be the young borrower rather than the older lender. With the government borrowing like crazy - many governments around the world seem to be borrowing - it does seem like interest rates should rise. These governments will print money to pay back the loans, I guess.
But all those same countries that are spending more than their incomes have fundamentally weak economies. So their banks can't afford to raise interest rates.
on the other hand there seems to be the smell of deflation in the air. It's certainly a puzzle.
IMHO, I am worried that interest rates will go up and bonds, etc will go down in value. That's why I have growth in the portfolio in addition to safe bonds, perferreds (like PGF) etc. consider moving a bit into ETFs like VT, qqqq, MDY But that and a dollar can get you on the bus. Good luck.