The iPhone had not yet been launched. Sven-Goran Eriksson was still managing the England football team. A 17-year-old Taylor Swift had just had her first hit. Plenty has changed since June 2006, but one thing has remained remarkably constant – the cost of money. In the nine years since then, the Federal Reserve has cut interest rates, but until yesterday it had never raised them. With the exception of one misjudged rate rise from the European Central Bank, which was quickly reversed, neither has any other country. For almost an entire decade, money has been remarkably cheap by any historical standards.