Investors are expecting the Fed will raise the high end of its target range to at least 3.75% by the end of the year, up from 1.75% today.

For context, the Fed raised rates to 2.37% during the peak of the last rate-hiking cycle in late 2018. Before the Great Recession of 2007-2009, Fed rates got as high as 5.25%.

And in the 1980s, the Paul Volcker-led Fed jacked up interest rates to unprecedented levels to fight runaway inflation. By the peak in July 1981, the effective Fed funds rate topped 22%. (Borrowing costs now won't be anywhere near those levels and there is little expectation that they will go up that sharply.)

Still, the impact to borrowing costs in coming months will depend chiefly on the -- as yet undetermined -- pace of the Fed's rate hikes.