Listening to discussions about what will happen with interest rates in 2024 is like walking into an open house at The Oxford Union of the namesake university. Debates to the right and left with the audience voting on the most compelling argument.

One of the loudest collective voices in the rate debate are the money markets, and they're nowhere near as optimistic as those cheering a soft landing of the country's economic airplane, according to Reuters. Financial markets are expecting interest rates to remain high for an extended period of time — 3% for years — with inflation still higher than the Fed wants and government spending driving new heights of public debt.

The former means the Fed could limit cuts and the latter will mean more U.S. borrowing at higher yields to attract buyers. The yields, especially for the 10-year, create an attractive place for investors to put money with relative safety, boosting the rates other outlets must get to provide risk-adjusted returns and compete as investment opportunities. In other words, don't expect the decade of near-zero rates to return.