As of 2014, a rise in interest rates can be detected by observing the prices of bonds, U.S. Treasury and other paper in the open market and monitoring announcements from the board of governors of the Federal Reserve System. This may be accomplished using quote services, such as CNBC.
The Federal Reserve System's board of governors meets regularly and sets goals for interest rates. Through open market operations, which include increasing or decreasing the supply of government bonds, paper or overnight lending, the board is effectively able to set interest rates. Markets often attempt to anticipate moves by the board before regular announcements are made and react quickly afterwards. Bonds, government and commercial paper with different terms to maturity have different interest rates.