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this post was submitted on 27 Sep 2023
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Frankly it was ridiculous how low our interest rates were for how long, a correction was absolutely needed. What's insane is that the current rates haven't had near the impact the fed probably expected or hoped for. Which is crazy because everyone I know is feeling the effects.
But this is also literally the first time in my life that I've seen an interest rate above 1% on my bank savings, so that's kinda neat.
Ya, the whole article read as: Investors are addicted to cheap money.
Of course banks and investors want lower interest rates, that's how they make money. When rates are higher, fewer people take on debt, which means less money for the banks. And investors have higher borrowing costs, so they make less money. Sadly, this also sucks for the average person, as our credit is also more expensive. However, we can take a look over at Turkiye for the counter-factual plan. Erdogan was nice enough to run an economic experiment for the world on what happens when you cut interests rates during inflation. The result of that experiment has been rather insane inflation.. But hey, it got him re-elected. So, that was nice (for him).
Ultimately, higher interest rates are kinda needed and probably here for a while.