Given the strength of the global economy, central banks, led by the United States Federal Reserve, have started to remove some of the supports that helped supercharge stock and bond prices over the last decade. The Fed started raising rates two years ago. And with the robust jobs report on Friday showing the fastest wage growth in years, some think the pace of rate increases could quicken.

Average hourly earnings for United States workers were 2.9 percent higher in January than the previous year, the fastest annual increase in years. Although a welcome development for workers, economists often view rising wages as an early indication of inflationary pressure. If faster price increases do begin to emerge, the Fed could try to head them off with more aggressive rate action.

Janet L. Yellen, the Federal Reserve’s departing chairwoman who had her last working day on Friday, was viewed by some as being more concerned about measures of weakness in the job market than by the risk of rising inflation, and therefore more willing to keep rates low. Her successor, Jerome H. Powell, will face different challenges as the Fed charts a new course in raising interest rates.

Interest rates that are set every day in the global bond markets are already leaping higher, in anticipation of central bank rate increases later this year. On Friday, the yield on the 10-year Treasury note — a widely used gauge for overall interest rates — rose to more than 2.8 percent, the highest level since early 2014.

Rising rates have myriad consequences, including making it more expensive for companies and individuals to borrow money, like for buying a home or a car. The average 30-year fixed mortgage rate is around 4.2 percent, up from less than 4 percent at the end of 2017.

Uncertainty about how the economy will react to rising borrowing costs has raised the blood pressure of investors. In one sign of a shift underway, a measure of expected market turbulence, the CBOE Volatility Index, jumped by more than 25 percent on Friday. The so-called VIX has spent months at historically low levels, reflecting a placid market mood that seems to have evaporated over the last week.

The stock markets this week have reflected the jitters.

The energy sector was especially hard hit, with energy giants ExxonMobil dropping 5.1 percent and Chevron falling 5.6 percent on Friday after reporting lackluster earnings. The energy sector of the Standard & Poor’s 500-stock index fell 6.4 percent during the week, the biggest drop of all industrial sectors in the benchmark.