Debt-fuelled firms take heed as era of free money is well and truly over

The decision by the Federal Reserve to increase interest rates is set to have profound implications for investors and companies alike in both developed and emerging markets over the next year.

The end of a zero-interest-rate policy in the US has ramifications that stretch well beyond the country’s borders.

The move, which the Federal Reserve was goaded into making by market participants, may prove to be a decision that will be regretted.