Update 2023
With a newer release of LaTeX, there's a much better way to accomplish the task.
\documentclass{amsart}
\AddToHook{cmd/bfseries/after}{\boldmath}
\AddToHook{cmd/normalfont/after}{\unboldmath}
\begin{document}
\section{Bad typesetting}
Let $(M,d)$ be a metric space. For any $x \in M$ and $r > 0$, the
\textbf{open ball of radius $r$ around $x$} is the set
\begin{equation}
B_r(x) := {y \in M : d(y,x) < r}.
\end{equation}
Let's see: \textbf{M \normalfont (M) M}
\section{Good typesetting}
Let $(M,d)$ be a metric space. For any $x \in M$ and $r > 0$, the
\emph{open ball of radius~$r$ around~$x$} is the set
\begin{equation}
B_r(x) := {y \in M : d(y,x) < r}.
\end{equation}
\end{document}

Older answer, don't use unless you have an old TeX distribution.
You might update the definition of \bfseries to also issue \boldmath.
However I recommend using \emph for emphasis.
Never leave a blank line before an equation or other math display environment. Use ties, as I show in the second example.
\documentclass{amsart}
\makeatletter
\DeclareRobustCommand\bfseries{%
\not@math@alphabet\bfseries\mathbf
\fontseries\bfdefault\selectfont
\boldmath % <-- added
}
\makeatother
\begin{document}
\section{Bad typesetting}
Let $(M,d)$ be a metric space. For any $x \in M$ and $r > 0$, the
\textbf{open ball of radius $r$ around $x$} is the set
\begin{equation}
B_r(x) := {y \in M : d(y,x) < r}.
\end{equation}
\section{Good typesetting}
Let $(M,d)$ be a metric space. For any $x \in M$ and $r > 0$, the
\emph{open ball of radius~$r$ around~$x$} is the set
\begin{equation}
B_r(x) := {y \in M : d(y,x) < r}.
\end{equation}
\end{document}

Why is it bad using boldface type? Because it's too heavy. Why is it worse to embolden math? Because math symbols have a meaning that also depends on their typographic nature: to a mathematician, a boldface italic ‘r’ is not the same as a medium italic ‘r’.
\boldmathsomewhere before\textbf, but it does not look nice having both text and math in bold font, in my point of view.\boldmathenables bold math (if the symbol is available in bold font at all) for the rest of the document or until\unboldmathundoes it – Jan 04 '17 at 21:23\newcommand{\bld}[1]{\boldmath\textbf{#1}\unboldmath}for highlighting something and it worked as expected. Thank you. – TheGeekGreek Jan 04 '17 at 21:28\begin{equation}. it messes up the vertical spacing, – barbara beeton Jan 04 '17 at 21:34