I don't see rates going that high, cuz eKoNomiEz. Look at how bad it was when we closed for like 3 weeks, restaurant shut downs. The gov can report whatever inflation numbers, but real inflation as we see it is much higher. Just look at gas prices, food price increases.
The economy we have at this point cannot support this level of interest, it is just too weak we literally just started the reopen. Remember how desperate the gov was to reopen cuz economy > health? Best summer ever?
The gov themselves will have to pay more on higher interest payments themselves with invisible money that they don't have.
This will eventually hit but regular people are being fucked on both ends, higher prices, higher taxes because we pay higher prices, plus higher cost of living due to higher interest rates. So people will naturally have to spend less buy less things cuz they have less money in their pockets, stonks are down.
And what does less spending mean? Less sales and smaller profits for businesses, ppl get laid off, bam the death spiral begins. Tech companies are already firing ppl, Tesla, crypto companies. These are educated ppl that earn big bucks to support the economy not the hurr duur mah rights and protest on a ladder in front of a tunnel and bridge type.