It's a 5% world. We're just living in it

The cost of borrowing money is moving unrelentingly higher, with profound implications for savers, borrowers and the U.S. government's fiscal outlook.The big picture: The bond market moves over the last few weeks have pushed most risk-free interest rates north of 5%. Barring a rapid reversal, expect pain to come in interest-sensitive sectors like housing, new stress on federal government finances and greater risks of financial disruption.It is better news for savers, who have taken paper losses on existing bonds in recent weeks but can now deploy cash safely with the best prospective returns s