Though the rise in rates is likely acceptable to the Federal Reserve as long as it is accompanied by a durable economic recovery, it will increase borrowing costs for governments and individuals, including home-buyers.
Mr Jones said he had also discussed other matters with the Prime Minister including "Wales' funding situation, in particular borrowing powers" and the progress of the Silk Commission, which is currently looking at whether Wales should have some degree of tax-varying powers.
Across Manhattan there are many observers--including Bear Stearns senior officers who are in dire straits from borrowing money on the shares they never sold and face financial ruin.