Joe Ciolli writes at Business Insider that a new report claims worldwide debt climbed to a new record in 2017:

Global debt soared to a record $233 trillion in the third quarter of 2017, according to a report from the Institute of International Finance.

That marked a $16.5 trillion — or 8% — increase from the end of 2016. It also reflected record highs for private nonfinancial sector debt in Canada, France, Hong Kong, Korea, Switzerland, and Turkey.

One possible side effect of this massive debt burden could be a reluctance from central banks to tighten lending conditions, the IIF says. It points out in the report that because a prolonged low-interest-rate environment contributed to the swelling of debt levels, sovereign banks may be reluctant to rock the boat by hiking.