The party is over: Central banks pull the plug on bond market rally

In the past two weeks, interest rates have been rising, at the prodding of the world's central banks. Some bond strategists now see the possibility of a shift to a more fundamental-driven market, which could result in higher, more normal interest rate levels that will affect everything from home mortgages to commercial loans.

That doesn't mean the wake-up call will be a jolt, with rates snapping back violently or markets spinning out of control--though it could if rates begin to move too quickly. For now, market pros expect the rising interest rates of the past several weeks to be part of an orderly adjustment to a world in which central banks are preparing to end excessive easy policies.